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The Associated Press October 18, 2010, 10:23AM ET

Qatar buys 5 pct of Banco Santander's Brazil unit

Qatar's sovereign wealth fund says it has acquired a 5 percent stake in Banco Santander's Brazilian arm, extending its bet on financial firms overseas.

Qatar Holding said Monday it bought the stake by purchasing $2.7 billion worth of exchangeable bonds issued by the Spanish banking giant.

It expects the deal to close by the end of the month.

Qatar Holding is the investment arm of the natural gas-rich state's Qatar Investment Authority sovereign wealth fund. It also has big stakes in Credit Suisse and British bank Barclays.

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