A
Luxembourg economic paper, Paperjam, reported about
the finalization of the sale of BIL, the oldest Luxembourg bank, that
got bought, abused and then let by the wayside by DEXIA, the brilliant, too big
to fail French-Belgian behemoth that lost tens of billions of Euros in the
crisis. The French, Belgian and Luxembourg governments share a Euros 90
billion guarantee for the failed bank. One result was the spinoff of former
BIL, back to Luxembourg. Actually to be acquired by the Qatar Precision Fund
(90%) and the Luxembourg government.
Much discussion ensued when Qatar
went on a spending spree in Luxembourg and the Luxembourg government looked
auspiciously pleased: Qatar bought BIL, KBL and a 35% stake in the all cargo
carrier Cargolux, all three being considered national monuments. Public opinion
reacted accordingly, all the more that valuations for those acquisitions seem to
have been offers no one could refuse.
According
to Paperjam, the 2,100 employees of BIL got an unexpected surprise: everyone
got a "signing bonus" of € 1,000. But of course, everyone enjoy ! But
it looks a little bit like an awkward damage control after weeks of criticism
around the three deals, even more than in the two other cases, there was no such
bonus. At the same time the new Board of BIL has one Qatari citizen onboard and
11 Luxembourg citizens, which looks like window dressing for the same reason.
Here's is
the happy news: http://www.paperjam.lu/article/fr/la-bil-rachetee-le-personnel-gratifie
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