Dexia will not sell its 50% share in RBC Dexia after submitting its restructuring plan to EU regulators. A Dexia spokesperson confirmed in a telephone interview with GlobalCustodian.com that RBC Dexia does not fall into the scope for the divestment plan as agreed with the European Commission.
The Franco-Belgian bancassurer was forced to accept a 6 billion bail-out in September 2008 from the Belgian, Luxembourg and French governments, and has recently come to an agreement with the European Commission on how to restructure the bank.
According to the European Commission: The group will focus on its core banking activities and its traditional markets – Belgium, France and Luxembourg. Dexia will reduce its public‑sector lending activity outside these markets and its bond portfolio, which will be ring‑fenced in a specific division in the bank in line with a predefined write‑down plan. In addition, Dexia will have to continue to reduce its market activities and will cease proprietary trading.
In July 2009 Dexia sold FSA, a US monoline insurer, to Assured Guaranty for $816.5 million, and in December 2009 Dexia sold a 20% stake in Crédit du Nord to Socit Gnrale for 151 million. December also saw BNP Paribas Assurance acquire 100% of Dexia Epargne Pension, a high-end life insurer.
Future sales include a 70% stake in Dexia Crediop in Italy, 85% stake in Dexia Banka Slovensko in Slovak Republic and 60% stake in Dexia Sabadell in Spain, all by 2013.