DEXIA

DEXIA BANK was born from the alliance in 1996 between Crédit communal de Belgique (1860) and Crédit local de France (1987).
Dexia is a banking group, which had approximately 35,200 employees as of December 31, 2010. The group’s activity focuses on Retail and Commercial Banking in Europe (mainly in Belgium, Luxembourg and Turkey) and Public Sector Banking, offering comprehensive banking solutions to public sector clients.
Bank Dexia is hit hard by the financial crisis shaking Europe. The financial difficulties of the Dexia bank group stem from the bank’s exposure to Greek and Italian bonds, these two countries having very significant public deficits.

On October 4, 2011, a press release announced the upcoming “dismantling” of the bank, to avoid its bankruptcy. It should be “dismantled” between a “bad bank” intended to collect 80 billion euros in “toxic” assets, and separate entities. On October 10, 2011, the nationalization of the Belgian subsidiary of Dexia by the Belgian state was stopped to prevent its bankruptcy.
To allow Dexia to borrow on the markets while awaiting the opinion of the European Commission, Belgium, France and Luxembourg have decided on a temporary mechanism, like the one put in place in the fall of 2008 , during the first rescue of the establishment.
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