LONDON (MarketWatch) — Beleaguered European lender Dexia SA on Monday agreed to the nationalization of its Belgian retail banking arm as part of a new rescue package for the group that also includes 90 billion euros ($122 billion) of state funding guarantees.
The French-Belgian bank, which has already been bailed out once earlier in the financial crisis, said it will sell its Belgian unit to the state for €4 billion in a deal that will slash the size of its balance sheet.
The governments of Belgium, France and Luxembourg will also provide a 10-year guarantee on the group’s funding up to a maximum of €90 billion.Read the rest here:
Dexia gets $122 billion of state guarantees - MarketWatch
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