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Dexia is a European banking group which, in 2011, carried out its activities principally in Belgium, Luxembourg, France and Turkey in the fields of retail and commercial banking, public and wholesale banking, asset management and investor services.
Monday, Oct 102011, 9:11 AMDexia shares resume trading in Belgium, -30% from the level they were at when suspended last Thursday. The lender's Belgian banking business was nationalized last night and the liabilities of the remainder of the company guaranteed by Belgium, France, and Luxembourg. |Monday, Oct 102011, 9:11 AM| Comment!
Tuesday, Oct 42011, 3:49 PMThe WSJ reports flailing Dexia (DXBGY.PK) will set up a bad bank to park €180B of assets, part of a larger plan that looks to essentially dismantle the lender ($2B market cap). France and Belgium will initially back the bad bank with guarantees, looking to eventually take over its ownership. (see also) |Tuesday, Oct 42011, 3:49 PM| 4 Comments
Tuesday, Oct 42011, 10:50 AMStocks are bouncing fast both here and across the pond. The National Bank of Belgium just hit the wires saying the central banks of Belgium and France will fully support Dexia, but did anybody believe anything different? Stoxx 50 2% off the lows, -1.9%. Nasdaq turns green. |Tuesday, Oct 42011, 10:50 AM| Comment!
Tuesday, Oct 42011, 8:10 AMDexia shares continue to rally following the announcement of government support. Off as much as 38% in early trade, shares are now down just 13.5%. The news may be decent for the bank, but for France a different story - exactly where are those billions of support going to come from? CAC 40 -3.5%. |Tuesday, Oct 42011, 8:10 AM| Comment!