In March it was announced that the Austrian bank would temporarily suspend debt repayment, a decision which made Dexia
to undertake legal action.
said that this deal concludes the sale process set out in the amended orderly resolution plan cleared by the European Commission at the end of 2012.
Technology Services was established in 2006 to provide IT services to funding agencies previously within the Dexia
Group, like Belfius Bank, Belfius Insurance and Banque Internationale a Luxembourg.
has to sell its asset management arm under a commitment with European regulators after it received state aid in recent years.
France, Belgium, and Luxembourg decided to wind up Dexia
in 2011 after it sought its second bailout due to the financial crisis.
Municipal Agency (DMA), Dexia
's refinancing subsidiary that borrows on markets to lend to municipalities, "will become part of a French bank [.
The divestment, which is in line with a binding memorandum of understanding signed between the parties in December, does not concern the unit's stakes in Dexia
Asset Management Luxembourg, RBC Dexia
Investor Services Ltd and Dexia
9bn of Dexia
Group fixed income securities back to the Dexia
Group and acquired about an equivalent amount of US dollar-denominated securities.
has already sold its Belgian bank unit to the Government while in France Caisse des Depots & Consignations has taken control of the subsidiary that funds its French municipal- lending business.
AM is a first-tier pan-European asset manager in charge of EoAeu80.
The part-nationalization of Franco-Belgian Dexia
, announced Monday, was triggered by other banks' increasing reluctance to lend to it due to its exposure to highly indebted eurozone states like Greece and Italy and to struggling states in the United States.
Leterme's comments were echoed by Belgian Finance Minister Didier Reynders, who said Belgium did not want the full cost burden of saving, and possibly nationalising, Dexia
's Belgian banking arm as well as supporting a "bad bank" of assets left over from Dexia
Group's past business.