'%20id='ico-down'%20stroke='%23000000'%20stroke-width='1.5'%3e%3cg%20transform='translate(1092.250000,%20254.750000)'%3e%3cpolyline%20id='Path-2-Copy-4'%20transform='translate(5.500000,%202.750000)%20scale(1,%20-1)%20rotate(-180.000000)%20translate(-5.500000,%20-2.750000)%20'%20points='0%200%205.5%205.5%2011%200'%3e%3c/polyline%3e%3c/g%3e%3c/g%3e%3c/g%3e%3c/svg%3e){kind=small}
Failed Belgian-French bank Dexia has signed an agreement to sell its asset management business to Hong Kong-based GCS Capital, the bank said on Wednesday.
The sale price was set at 380 million euros ($496 million) but could be adjusted on completion of the deal, the bank said in a statement, adding that it could go through in the first quarter of 2013.
The sale of Dexia Asset Management is the last of the main commercial units the bank needs to sell under its resolution plan.
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.