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September 30, 2008

Second Benelux bailout: Dexia gets EUR6.4bn

By Spear's

Belgium, France and Luxembourg have agreed to inject EUR6.4 billion into the pressured Franco-Belgian bank Dexia, Belgian Prime Minister Yves Leterme announced early today.

The infusion of capital, reached after negotiations through the night, is intended to reassure the stock markets after Dexia shares plunged by nearly 30 percent on Monday.

Dexia was created in 1996 after a merger of France’s Credit Local and Belgium’s Credit Communal. it specialises in local government finance but also has 5.5 million individual clients in Belgium, Luxembourg, Slovakia and Turkey.

This marks the second bailout in the Benelux region, after the governments of Belgium, The Netherlands and Luxembourg part-nationalised the leading Belgian bank Fortis, as the repercussions from the US financial crisis spread across Europe.

For further details visit thewealthnet

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