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Dexia
Type	Public
Founded	1996
Headquarters	Brussels, Belgium
Key people	Pierre Mariani (CEO), Jean-Luc Dehaene (Chairman of the board)
Industry	Financial services
Products	Public sector banking, commercial banking, private banking
Revenue	€3.556 billion (2008)
Operating income	▼ (€563 million) (2008)
Profit	▼ (€3.326 billion) (2008)
Total assets	€651.0 billion (2008)
Employees	36,500 (2008)
Website	www.dexia.com

The Dexia Tower in Brussels

Dexia (Euronext: DEXB, DX, LuxSE: DXB) is a Belgian-French financial institution, also referred to as the Dexia Group, specializing in public finance. It was founded in 1996 through the merger of Crédit Communal de Belgique/Gemeentekrediet van België (founded 1860) and Crédit Local de France (founded 1987). The Dexia Group was founded as a dual-listed company, but in 1999 the Belgian entity took over the French entity to form one company. Dexia is a member of the BEL20, CAC 40, and LuxX indices. The company is headquartered in Brussels, Belgium.

The BIC code is GKCC BE BB, which mirrors the name of the old "Gemeentekrediet-Crédit Communal".

[edit] Bailout

On 30 September 2008 the Belgian, French and Luxembourg governments said they would invest €6.4bn ($9bn; £5bn) into keeping Dexia afloat.^[2] Chief Executive and Chairman Axel Miller and Pierre Richard were subsequently forced to resign. The next day the rating agency Moody's downgraded Dexia's long term debt and deposits ratings from Aa1 to Aa3,^[3] and downgraded the individual banks' strengths to C- ("adequate intrinsic financial strength") with a negative outlook.^[4]

The problems at Dexia stem in part from a multi-billion loan to troubled German bank Depfa.^[5] The Dexia board stated on 5 October 2008 that the capital addition by the governments would put it in a position in which it could deal with deteriorating market conditions, and that the credit risks associated with Hypo Real Estate and Depfa are only limited.^[6]^[7]^[8]

In February 2009 the bank announced net losses of 3.3 billion euros (approximately 4.2 billion US dollars) for 2008^[9].

[edit] Former acquisitions

BACOB — Belgische Arbeiders Coöperatie
Artesia Banking Corporation — since March 2001 from ARCO Group
Eural — since 2001 — sold to ING Group in October 2006
Denizbank (Turkey) — since May 2006
Financial Security Assurance Inc. — American insurance company ^[10] acquired from March to June 2000

[edit] See also

ARCO Group

[edit] References

^ ^a ^b ^c ^d ^e "Annual Results 2008" (PDF). Dexia. http://www.dexia.com/docs/2009/2009_year_4Q/PDF/20090226_CP_UK.pdf. Retrieved 2009-03-29.
^ "Second Belgian bank gets bail-out". BBC News. 2008-09-30. http://news.bbc.co.uk/1/hi/business/7643638.stm. Retrieved 2008-09-30.
^ Moody's. Banking. Highlights. Requires free registration. Retrieved 2008-10-06
^ Moody's. Press release with details of Dexia's various ratings. Requires free registration. Retrieved 2008-10-06
^ "Regering moet twee banken redden". De Standaard. 2008-10-05. http://www.standaard.be/Artikel/Detail.aspx?artikelId=DMF05102008_017. Retrieved 2008-10-05.
^ "'Dexia kan hoofd bieden aan verslechterende marktomstandigheden'". De Tijd. 2008-10-05. http://www.tijd.be/nieuws/ondernemingen_financien/'Dexia_kan_hoofd_bieden_aan_verslechterende_marktomstandigheden'_.8086121-433.art. Retrieved 2008-10-05.
^ "05/10/2008 press release - Board of Directors" (PDF). Dexia. 2008-10-05. http://www.dexia.com/docs/2008/2008_news/20081005_bd_uk.pdf. Retrieved 2008-10-05.
^ "05/10/2008 press release - Dexia - Hypo Real Estate (HRE)". Dexia. 2008-10-05. http://www.dexia.com/e/news/press-release-desc.php?id=4110&p=0. Retrieved 2008-10-05.
^ "Franco-Belgian bank Dexia posts 3.3 billion euros losses for 2008". Expatica. 2008-02-29. http://www.expatica.com/be/news/local_news/Franco_Belgian-bank-Dexia-posts-3_3-billion-euros-losses-for-2008--.html. Retrieved 2008-02-29.
^ http://www.dexia.com/e/discover/organization.php

[edit] External links

Official website

Companies portal

[AR2008-0] "Annual Results 2008" (PDF). Dexia. http://www.dexia.com/docs/2009/2009_year_4Q/PDF/20090226_CP_UK.pdf. Retrieved 2009-03-29.

[1] "Second Belgian bank gets bail-out". BBC News. 2008-09-30. http://news.bbc.co.uk/1/hi/business/7643638.stm. Retrieved 2008-09-30.

[2] Moody's. Banking. Highlights. Requires free registration. Retrieved 2008-10-06

[3] Moody's. Press release with details of Dexia's various ratings. Requires free registration. Retrieved 2008-10-06

[4] "Regering moet twee banken redden". De Standaard. 2008-10-05. http://www.standaard.be/Artikel/Detail.aspx?artikelId=DMF05102008_017. Retrieved 2008-10-05.

[5] "'Dexia kan hoofd bieden aan verslechterende marktomstandigheden'". De Tijd. 2008-10-05. http://www.tijd.be/nieuws/ondernemingen_financien/'Dexia_kan_hoofd_bieden_aan_verslechterende_marktomstandigheden'_.8086121-433.art. Retrieved 2008-10-05.

[6] "05/10/2008 press release - Board of Directors" (PDF). Dexia. 2008-10-05. http://www.dexia.com/docs/2008/2008_news/20081005_bd_uk.pdf. Retrieved 2008-10-05.

[7] "05/10/2008 press release - Dexia - Hypo Real Estate (HRE)". Dexia. 2008-10-05. http://www.dexia.com/e/news/press-release-desc.php?id=4110&p=0. Retrieved 2008-10-05.

[8] "Franco-Belgian bank Dexia posts 3.3 billion euros losses for 2008". Expatica. 2008-02-29. http://www.expatica.com/be/news/local_news/Franco_Belgian-bank-Dexia-posts-3_3-billion-euros-losses-for-2008--.html. Retrieved 2008-02-29.

[9] ttp://www.dexia.com/e/discover/organization.php

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Contents

[edit] Bailout

[edit] Former acquisitions

[edit] See also

[edit] References

[edit] External links