Qatar Holding is on the verge of taking over banking division of Harrods, after purchasing the luxury British department store in 2010.
The prestigious London outlet is one of the jewels in the crown of the global investment house, which was founded by the Qatar Investment Authority to find international opportunities for investment of the state's wealth.
According to the Daily Mail, the Financial Services Authority has approved for the company to buy a controlling share in the bank.
A spokesperson for the bank welcomed the FSA decision, adding that a new board has already been appointed to support the development.
It is expected that Qatar Holding will expand the bank, which made a loss last year, as part of its efforts to get more involved in European investment banking.
As well as its department store and banking interests, Harrods also operates an airport business, Harrods Aviation, which operates from several UK airports including Stansted and Luton, offering discreet boarding for executives at these airports.
© 7Days 2012
