Fund takes bank stake

ATHENS ? IRF European Finance Investments Ltd., a Bermuda-based investment fund, has agreed to buy as much as 30 percent of the Greek lender Proton Investment Bank.

IRF made a binding agreement to buy shares from two major Proton shareholders at 9.50 euros apiece to become a "strategic investor", Proton said yesterday. This gives the deal a value of as much 129 million euros ($165 million), IRF said in a London Stock Exchange filing.

IRF invests in financial services companies, credit institutions and insurance companies in Greece, Bulgaria, Romania and Turkey, whose economies have been growing faster than the European Union.

Athens-based Proton focuses on investment banking, was listed on the Athens Stock Exchange in December and plans to merge with Omega Bank SA, another Greek lender that focuses on lending to households and small businesses.

Companies make pact

LONDON ? Petra Diamonds Ltd., a South African mining company, and Xceldiam Ltd. said they will share data on exploration projects in Angola.

The companies expect to save time and costs, Johannesburg- based Petra and Bermuda-based Xceldaim said on Tuesday.

Petra is looking for diamonds at its Alto Cuilo project in Angola while Xceldiam is exploring at the Luangue project.

Brazil fund launched

SAO PAULO, Brazil ? GP Investments, a Brazilian private equity fund founded by billionaire Jorge Paulo Lemann, raised 644.6 million reais ($279 million) in an initial public offering.

GP Investments, based in Bermuda, sold 18.8 million Class A shares at a price of 34.27 reais each, above the targeted price range of 26.76 to 33.97 reais each, the company said.