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Profile[ edit ] In the Fortune Global which lists companies by total income  Dexia was ranked 49th, the top-ranked Belgian company.
The Dexia Group was founded as a dual-listed companybut in the Belgian entity took over the French entity to form one company. The company is headquartered in BrusselsBelgium.
History[ edit ] Belgium: From on the branches were run by independent agents, allowing a broader range of services and products to be offered and a lasting relationship with clients to be developed.
The shareholders at the time were the French State The group broadens its insurance activities in France, Belgium and Germany.
Acquisition of Financial Security Assurance FSA in the United States, a major player in credit enhancement for municipalities, making Dexia the world leader in the market of financial services to the public sector. Dexia is active in nearly all European countries in this market as well.
Start of an annual reserved capital injection to which only Dexia members of staff can inscribe. Integration of the Artesia branches in Belgium. Dexia sells its interest in Dexia Israel Bankthus officially ending all of the Dexia Group's banking activities.
Other banks and financial institutions refused to provide further credit to Dexia because of potential losses at its U.
The next day the rating agency Moody's downgraded Dexia's long term debt and deposits ratings from Aa1 to Aa3,  and downgraded the individual banks' strengths to C- "adequate intrinsic financial strength" with a negative outlook.
This support was assured within days, taking two forms: The three states have the potential to make a profit from their intervention: The guaranteed amount varies continually as a function of Dexia's loans on the financial markets. In Dexia paid a fee of 0. The guarantee is currently planned to end in November Further losses are still possible on the remaining FSA portfolio.
A further restructuring plan was announced, with the firm aiming to concentrate on its primary activities, and to avoid risks on the financial markets.
A total of 1, job cuts were announced, of which more than half were in Belgium, in France, and the rest worldwide. Downsizing and reorganizing[ edit ] On 6 February Dexia could announce that the European Commission had, under certain conditions, approved of the restructuring plan that was necessary to justify the government support for Dexia and to prevent unfair competition: Vintage retail activities represented a bigger share in profits again in ; apart from Belgium and France, Turkey became very promising in this area.
So much so that predictions were that Turkish staff would account for half of the Dexia employees by More incoming funds from private saving accounts and less outgoing capital through bonds and loans to public institutions meant that Dexia could already worry a bit less about finding sufficient short term funding.
The greater international trust in the company also showed when it announced an early retirement from the State Guarantee in Alleged differences of opinion were reported at the top of Dexia. On July 15 the European Banking Authorityas part of its European bank stress tests, gave Dexia a clean bill of health, reporting that its tier 1 capital was This would make it one of Europe's safest banks.
Discussions were taking place about a possible breakup, with a plan to place its "legacy" division into a bad bank with government guarantees. The ECB had already acknowledged Dexia's "specific situation", with an assessment of its finances carried out over its wind-down plan.
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