Dexia bank mulling moving HQ from Brussels to Paris

28th May 2008, Comments 0 comments

The Belgian-French bank's potential move to Paris is part of a shake-up of its legal structure, says news report.

28 May 2008

BRUSSELS - Belgian-French banking group Dexia is considering moving its headquarters from Brussels to Paris as part of a shake-up of its legal structure, Belgian newspapers reported on Wednesday.

A spokesman for Dexia in Brussels declined to comment on the reports.

French-language business paper L'Echo and Dutch-language paper De Tijd said that the group's French unit Dexia Credit Local could become a European incorporated company with a banking licence and headquarters in Paris.

Dexia Belgium and the group's other foreign business would become subsidiaries of Dexia Credit Local.

The shake-up could allow Dexia to partake in consolidation of the French banking sector with a "Franco-French tie-up more probable that a takeover of a French bank, Societe Generale for example, by a Belgian group," L'Echo said.

Dexia was born out of the 1996 merger between Credit Communal de Belgique and Credit Local de France and is currently structured as a
Belgian holding company listed on the Brussels and Paris stock markets.

The group, which is specialised in lending and other financial services to local authorities, has four main units: Dexia Credit Local in France, Dexia Bank Belgium, Dexia BIL in Luxembourg, DenizBank in Turkey.

[AFP / Expatica]

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