Dexia

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Dexia

logo
legal form Société anonyme
ISIN BE0003796134
founding 1996
Seat Brussels , BelgiumBelgiumBelgium 
management Gilles Denoyel (Chairman)
Wouter Devriendt (CEO)
Number of employees 62
sales −462 million euros (net income 2017)
Branch Finances
Website www.dexia.com
As of December 31, 2017

  Dexia Kommunalbank Deutschland AG
logo
Country GermanyGermany Germany
Seat Berlin
legal form Company with limited liability
Bank code 100 196 10
BIC DXIA DEBB XXX
founding 2006
Website www.dexia.de
Business data 2018
Total assets EUR 18.872 billion
Employee 75
management
Board Friedrich Munsberg (CEO), Laurent Fritsch
Supervisory board Laurent Bouscharain (Chairman)

Dexia , a banking group listed on the Brussels and Paris stock exchanges and headquartered in Brussels, is primarily active in public sector finance. Dexia was formed in 1996 through the merger of Crédit Communal de Belgique (founded in 1860) and Crédit Local de France (founded in 1987). The Dexia IPO took place on January 2, 1997 with a starting price of EUR 6.86 per share. Due to massive problems of the group in the course of the financial crisis in 2011, the bank will be split into several units.

The corporate headquarters is the Rogier Tower , with 38 floors and 145 meters, built in Brussels between 2002 and 2006, which was known as the Dexia Tower until 2012 .

The illuminated Rogier Tower at night

history

Financial crisis from autumn 2008

Due to the international financial crisis , on October 3, 2008, the Dexia Group received state aid of three billion euros each from Belgium and France and 376 million euros from Luxembourg. In return, Belgium and France each received a 5.7 percent stake in Dexia.

Dexia's financial problems arose in particular from the short-term refinancing at lower interest rates for longer-term loans to municipalities. As the interbank money market dried up as a result of the Lehmann bankruptcy, this source of refinancing dried up. The business model and the collapse is thus similar to that of Depfa Bank in Dublin / Ireland , a subsidiary of the German Pfandbriefbank Hypo Real Estate (HRE). After the share price collapsed in the first days of October 2008, the governments of France, Belgium and Luxembourg issued a guarantee for a period of one year on October 9, 2008 to enable the bank to raise further capital.

In February 2009, Dexia Bank announced that it had made a loss of € 3.326 billion or US $ 4.2 billion in 2008.

The EU Commission was not convinced of the rescue plan for the Dexia Group and initiated an investigation into it. On October 14, 2009, the EU Commission gave its approval to extend the state guarantees from France, Belgium and Luxembourg for the Dexia Group to October 31, 2010. With "Dexia Epargne Pension", Dexia sells its life insurance business to BNP Paribas . The executive board member of the bank Pierre Mariani announced that Dexia was determined to redeem the state guarantees by the end of 2010. On June 30, 2010, Dexia prematurely waived all state guarantees.

On October 4, 2011, Dexia became aware of massive financial problems that also affect the German subsidiary.

Three years after the outbreak of the financial crisis, the bank has still not got its legacy issues under control. In the second quarter of 2011, the group had reported a loss of four billion euros. The bank, whose business model was aimed at financing public lenders such as municipalities, cities and states, had invested 3.8 billion euros in Greek government bonds and one billion euros in Greek private bonds . That is why Dexia made a discount of 21 percent on the Greek bonds in the first half of 2011, that is 377 million euros, after the heads of government agreed on the participation of the private sector in the haircut for Greece.

The Dexia logo until the end of February 2012

Splitting up

On October 10, 2011, Dexia SA announced the split of the bank. In addition, 95 billion euros in risky securities are to be outsourced to a bad bank .

In addition, the entire bank of Belgium, France and Luxembourg will be provided with state guarantees amounting to 90 billion euros, of which Belgium will bear a share of 60.5 percent. Luxembourg's share in this guarantee program is 3 percent, which means max. 2.7 billion euros is estimated. Together with the remaining guarantees from 2008, the state of Luxembourg guarantees in this context for four billion euros, which corresponds to 9.6 percent of Luxembourg's gross domestic product in 2010. Belgium, France and Luxembourg guarantee bonds amounting to 45 billion euros in a transitional agreement that will run until May 2012.

Company /
division		 sale logo
Dexia Banque Belgique The bank was taken over by the Belgian government on October 20, 2011 for four billion euros. On March 1, 2012, Dexia Banque Belgique announced that it would be renaming itself to Belfius Banque & Assurances .
The new logo of Belfius Banque & Assurances from March 2012
Dexia BIL On December 20, it was announced that the investment group Precision Capital, behind which the Emirate of Qatar stands, will take over 90 percent of Banque internationale à Luxembourg (BIL). The remaining 10 percent will be taken over by the Luxembourg state. The total purchase price amounts to 730 million euros.
The new logo of Banque internationale à Luxembourg from March 2012
Dexia MA The French municipal financing business, the Dexia Municipal Agency , was spun off from the French Dexia subsidiary Dexia Crédit Local and 75 percent of the shares were taken over by the French state through the Holding Société de Financement Local (SFIL), with the French holding 20 percent of the shares State bank Caisse des Dépôts et Consignations (CDC) and the remaining 5 percent at Postbank (La Banque Postale). The Dexia Municipal Agency has been renamed the Caisse Française de Financement Local .
The logo of the new Caisse Française de Financement Local
DenizBank On June 8, 2012, the Russian Sberbank announced that it would take over the Turkish DenizBank for around three billion euros . After approval by the antitrust authorities, the takeover was completed on September 28, 2012.
The DenizBank logo
RBC Dexia Investor Services The sale of Dexia's 50 percent stake in RBC Dexia Investor Services to the Royal Bank of Canada , announced on April 3, 2012, was completed on April 27, 2012. The company has been called RBC Investor Services since then .
The Royal Bank of Canada logo
Dexia AM On December 13, 2012 it was announced that Dexia Asset Management would be sold to the strategic investor GCS Capital from Hong Kong for 380 million euros .

GCS resold to New York Life in September 2013 for the same price . In the course of the restructuring, Dexia AM became the Candriam investor group on February 13, 2014 .

Dexia Asset Management logo

Shareholder structure

At the end of 2017, the Dexia Group had the following shareholder structure:

proportion of shareholder
52.78% Belgian State (B)
46.81% French State (F)
0.41% Institutional investors and employees

Activities abroad

Regions of the Group's activity
  • In Germany , the subsidiary Dexia Kommunalbank Deutschland AG (until February 2006: Dexia Hypothekenbank Berlin AG), based in Berlin, belonged to the Belgian-French group. At the end of the 2004 financial year, the German subsidiary had total assets of 35.05 billion euros, making it one of the largest German banks (36th place). Your location is Berlin. In December 2018, Landesbank Hessen-Thüringen (Helaba) took over Dexia Kommunalbank Deutschland for 352 million euros.
  • In Austria it was a minority shareholder in Kommunalkredit Austria until November 3, 2008 , in which in 2008 the Volksbank Group was the majority owner. On that day, Kommunalkredit was saved from bankruptcy by an emergency nationalization.
  • In Luxembourg , Crédit Communal de Belgique had already taken over a majority in Banque Internationale à Luxembourg (BIL) in 1992 , which it had brought into the merger in 1996. This subsidiary was called Dexia-BIL until the Dexia group was split up and is the second largest bank in Luxembourg after Spuerkeess and before BGL BNP Paribas in terms of the number of branches and private customers . On October 10, 2011, Luxembourg's finance minister, Luc Frieden, announced that a financial group from Qatar was ready to take over Dexia's Luxembourg subsidiary, Dexia-BIL.
    Dexia-BIL, Luxemburg-Hollerich
  • The subsidiary RBC Dexia arose from the cooperation with the Royal Bank of Canada ; based in London and a financial center in Luxembourg. This participation was also sold in the course of the demerger of the Dexia Group.
  • The American insurance company Financial Security Assurance Inc. (FSA) was taken over from March to June 2000. Announced in November 2008, the company was owned by Assured Guaranty Ltd. until July 2009 . taken over and incorporated into Assured Guaranty Municipal Corp. (AGM) renamed.

Web links

Commons : Dexia  - collection of images, videos and audio files

Individual evidence

  1. ↑ a b c Annual Report 2017 , accessed May 3, 2019 (English)
  2. ↑ a b Master data of the credit institute at the Deutsche Bundesbank
  3. ↑ Half-year report 2018 of Dexia Kommunalbank Deutschland (PDF)
  4. ↑ Dexia # Kapitaal in the Dutch-language Wikipedia
  5. ↑ Rexer, Steiner, Wüpper: Megalomania drove the Dexia finance house to ruin . Die Welt Online, October 10, 2011.
  6. ↑ http://www.ftd.de/unternehmen/finanzdienstleister/:ROUNDUP-2-Staatsgarantien-f%FCr-Dexia-Hypothekenbank-Zweit-Rettungsaktion/424021.html ( Memento from August 4, 2012 in the web archive archive.today )
  7. ↑ http://www.ftd.de/politik/europa/:Nach-Kurssturz-Staaten-garantieren-f%FCr-Dexia-Bank/423831.html ( Memento from July 30, 2012 in the web archive archive.today )
  8. ↑ demorgen.be ( Memento of the original from October 14, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.demorgen.be
  9. ↑ expatica.com ( Memento of the original from September 23, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.expatica.com
  10. ↑ dexia.com ( Memento of the original dated December 2, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF)  @1@ 2Template: Webachiv / IABot / www.dexia.com
  11. ↑ EU Commission: Inquiry about rescue plan from Dexia. ( Memento of the original from December 30, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. RTL - March 13, 2009, 12:36 - Fir d'lescht updated: March 19, 2009, 9:15.  @1@ 2Template: Webachiv / IABot / news.rtl.lu
  12. ↑ EU Commission: Accord for the extension of Dexia guarantees. ( Memento of the original from January 2, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. RTL - October 31, 2009, 10:24 am - Fir d'lescht updated: November 3, 2009, 11:39 pm.  @1@ 2Template: Webachiv / IABot / news.rtl.lu
  13. ↑ Dexia parts with life insurance.  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Luxemburger Wort , December 9, 2009 6:05 p.m.@1@ 2Template: Dead Link / www.wort.lu  
  14. ↑ Helmut Wyrwich: Dexia: the end of 2010 without government guarantees.  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Day sheet. Fir Lëtzebuerg newspaper , December 20, 2009.@1@ 2Template: Dead Link / tageblatt.editpress.lu  
  15. ↑ Dexia without state protective shield  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Day sheet. Fir Lëtzebuerg newspaper , June 30, 2010.@1@ 2Template: Dead Link / www.tageblatt.lu  
  16. ↑ dexia.com  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (PDF)@1@ 2Template: Dead Link / www.dexia.com  
  17. ↑ http://www.ftd.de/unternehmen/finanzdienstleister/:liquiditaetssorgen-frankreich-und-belgien-wollen-dexia-stuetzen/60111708.html ( Memento from October 4, 2011 in the Internet Archive )
  18. ↑ wort.lu ( Memento of the original from October 6, 2011 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.wort.lu
  19. ↑ wort.lu ( Memento of the original from October 6, 2011 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.wort.lu
  20. ↑ report. In: Handelsblatt , October 9, 2011; Retrieved October 9, 2011
  21. ↑ Michèle Sinner: Preemptive strike . In: D'Lëtzebuerger Land , October 7, 2011. P. 12f.
  22. ↑ First victim of the euro crisis - Dexia is nationalized. Reuters , October 10, 2011, accessed April 12, 2019 .
  23. ↑ Michèle Sinner: Planned, planned, planned. In: D'Lëtzebuerger Land , October 14, 2011. p. 13.
  24. ↑ States guarantee 45 billion euros Tageblatt, December 5, 2011
  25. ^ Dexia Bank Belgium taken over by the Belgian state. Retrieved October 20, 2011 .
  26. ↑ Renaming from Dexia Belgium to Belfius. Retrieved March 1, 2012 .
  27. ↑ handelsblatt.com
  28. ↑ Sale of Dexia MA. (PDF; 21 kB) Accessed February 9, 2013 .
  29. ↑ Sberbank pays Dexia three billion euros for Denizbank. Reuters , June 8, 2012, accessed April 12, 2019 .
  30. ↑ Sale of DenizBank completed. (No longer available online.) Formerly in the original ; Retrieved February 9, 2013 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.denizbank.de  
  31. ↑ Sale of the 50% share to RBC Dexia Investor Services. (PDF; 16 kB) (No longer available online.) Archived from the original on December 29, 2013 ; Retrieved February 9, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.dexia.de
  32. ^ Sale of Dexia AM to GCS Capital. Retrieved February 9, 2013 .
  33. ↑ Dexia AM becomes Candriam. (PDF) (No longer available online.) Archived from the original on March 21, 2014 ; accessed on March 20, 2014 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.candriam.com
  34. ↑ Helaba buys Dexia Kommunalbank Deutschland . In: Reuters . December 14, 2018 ( reuters.com [accessed March 1, 2019]).
  35. ↑ Luc Frieden annonce qu'un groupe financier du Qatar est prêt à reprendre la Dexia-BIL ( Memento of the original dated December 30, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Government notice, October 10, 2011.  @1@ 2Template: Webachiv / IABot / www.gouvernement.lu
  36. ↑ RBC Dexia: Negotiations have burst.  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Tageblatt December 3, 2009.@1@ 2Template: Dead Link / tageblatt.editpress.lu  
  37. ↑ dexia.com  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.dexia.com  
  38. ↑ dexia.com ( Memento of the original dated May 7, 2009 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.dexia.com
  39. ^ Sale of FSA to Assured Guaranty. Retrieved February 9, 2013 .