Dexia close to sale of asset management unit

Dexia is in exclusive talks with GCS Capital, a Hong Kong-based private equity firm, to sell its asset management unit, according to statements from both companies.

The division, which manages €80 billion, would be the last unit to be sold after Dexia ran into difficulties during the financial crisis and accepted state aid. The bank is now jointly owned by the French and Belgian governments.

Press reports suggest the asset management unit could be worth about €500 million.

“Dexia Asset Management presents a rare opportunity to acquire a well-capitalised, standalone asset management business with the potential to transition into a global franchise,” says Huan Guocang, chief executive of GCS Capital.

GCS Capital says it would retain all existing staff and clients in all regions where the asset manager operates.

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