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Failed Belgian-French bank Dexia said Tuesday that it had entered into exclusive talks with Hong Kong-based GCS Capital on taking over its asset management business.
The sale of Dexia Asset Management is the last of the main commercial units the bank needs to sell under its resolution plan.
In the event the talks conclude successfully “GCS Capital plans to maintain the current regional footprint revolving around competence centres in Brussels, Paris, Luxembourg and Sydney,” Dexia said in a statement.
Dexia AM had 78 billion euros in assets under management at the end of 2011.
Shareholders France, Belgium and Luxembourg began breaking up Dexia in late 2011 after the bank sought a second bailout to keep it afloat as the global financial crisis morphed into the European debt crisis.
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