Dexia, EU Agree on Restructuring

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Dexia, EU Agree on Restructuring

Submitted by editor on Mon, 02/08/2010 - 12:41

Government-finance specialist Dexia SA agreed on a restructuring deal with European regulators Friday, ending months of indecision over its future, The Wall Street Journal reported. The lender, which was handed a €6.4 billion ($8.7 billion) lifeline when it became engulfed in debt during the credit crisis, promised to sell off about 35% of its balance sheet to offset the competitive advantages it gained from state subsidies and guarantees. Before the credit crisis, Dexia was a major lender to local governments. However, those long-term loans were often funded from short-term borrowing in the money markets. When these dried up during the crisis, the bank ran short of cash. At a news briefing in Paris on Sunday, Dexia Chief Executive Officer Pierre Mariani told reporters that the company's transformation over the next few years would see retail activities expand as a share of overall revenue. By 2014, Dexia expects 60% of overall revenue to come from retail and commercial banking; 20% from asset management, insurance and investor services; and 20% from the bank's business line that does financing work for governments, Mr. Mariani said. Read more. (Subscription required.)

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Dexia, EU Agree on Restructuring

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