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DEXIADominica Export Import Agency
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Bank of Jerusalem (TASE: JBNK) has made a bid for Dexia Israel.
The bank's recurring loss amounted to EUR 212 million, down EUR 183 million from the previous quarter, Dexia said on Wednesday.
As mentioned in early January when the deal was announced, Dexia is selling the stake for a firm price of EUR49.2m (USD67.7m).
"The approved plan ensures that the continued market presence of some parts of the Dexia Group is truly justified, without artificially keeping alive a failed business model, and that competition distortions resulting from the aid received are minimised.
The EU's executive body in a statement concluded that "provided all commitments concerning the orderly resolution of the group are compiled with, ...these transactions are in line with EU state aid rules." Joaquin Almunia, EU Commissioner for competition policy, said: "I am happy to finally be in a position to approve the resolution plan of Dexia, which Belgium, France and Luxemburg have drawn up jointly." He noted that Belfius, now owned by Belgian state, will focus on its core banking and insurance business while Dexia Municipal Agency will be turned into a new development bank in France.
Today's downgrade reflects Moody's decision to align RBC Dexia's issuer
Dexia is now reaching out to other potential buyers, people with knowledge of the process told Bloomberg.
Qatar's royal family will acquire 90 per cent of Banque Internationale Luxembourg (BIL) via their Precision Capital investment group, Dexia said on Tuesday.
Undeterred by the recent restructuring of its parent group, Dexia AM is determined to expand its regional presence.
BRUSSELS: The Belgian state will buy the national subsidiary of embattled bank Dexia for 4 billion euros ($5.4 billion) and provide tens of billions of euros in new guarantees as part of a wider bailout of the lender, the first banking victim of a new squeeze in European credit markets.
The Belgian federal government will pay a‚[logical not]4 billion ($5.4 billion) for the division and guarantee 60 per cent of a so-called bad bank to be set up for Dexia's troubled assets, Finance Minister Didier Reynders said at a press conference yesterday in Brussels.