- Special Pages
By Satish Kanady
DOHA: The UK’s regulatory body has given approval to Qatar Holding for buying a controlling stake in Harrods Bank, the private banking arm of the luxury department store.
The investment fund of Qatar has appointed a new board for the bank’s expansion plans, the British newspaper Daily Mail reported.
Qatar Holding’s acquisition is expected to unwind a trust structure set up under the previous owner, reportedly under pressure from the Bank of England following concerns over former owner’s ability to run a bank.
“The Qatari owners of Harrods are poised to take full control of the luxury store’s private banking arm, unwinding a trust structure set up under previous owner. The Qataris are hoping to expand the bank, which racked up a £1.7m loss in the year to the end of January 2012 after losses on one bad loan”, the daily reported.
A spokeswoman for the bank said it was ‘delighted’ with the Financial Services Authority’s (FSA) decision.
“A new board has been appointed to support this exciting development”, the daily quoted her as saying.