Companies Mentioned in this Report: Bank Hapoalim, Bank Leumi Private Banking, Israel Discount Bank Private Banking, Mizrahi Tefahot Bank Private Banking, Bank of Jerusalem, FIBI Private Banking, Israel Dexia Bank
, Union Bank of Israel
The collapse of Dexia Bank
has led to a void in financing that France is struggling to fill.
Other companies who became victim of the hacking scandal included Heartland Payment Systems, one of the world's largest credit and debit card payment processing companies; French retailer Carrefour; Dexia Bank
Belgium; and 7-Eleven.
The 5.5 billion euro recapitalisation of Dexia bank
was decided in October 2012 and will have to be counted in the public deficits of Belgium and France for 2012.
| BRUSSELS, Dec 28 (KUNA) - The European Commission Friday announced that it has approved a 90 billion euro bailout by Belgium, France and Luxembourg for the winding up of the Dexia banking group, sale of its subsidiary DMA (Dexia Municipal Agency) and the restructuring of Belfius (formerly Dexia Bank
(SeeNews) - Nov 27, 2012 - Belgian state-owned bank Belfius, formerly Dexia Bank
Belgium, wants to reduce the number of its offices by 20 until 2016 which will result in 170 jobs cuts, daily Le Soir said on Tuesday.
Since then, the bank has disposed of Dexia Bank
Belgium, agreed the sales of RBC Dexia, Bank International in Luxembourg and its Turkish arm DenizBank and also initiated a sales procedure for the French local public sector financing operations of Dexia Credit Local.
Apart from the sale of Dexia Bank
Belgium (rated A3 on review with
Dexia said it suffered a EUR4.05bn loss on the nationalisation of Dexia Bank
Belgium and a EUR984m shortfall on the sale of Dexia Municipal Agency.
It also forecast government debt will increase to about 97 per cent of GDP from 96.1 per cent last year after the administration paid e1/44 billion to nationalise Dexia Bank
Following the recent restructuring of the Group, Dexia Bank
Belgium was transferred to the Belgian state while its shareholding in Dexia AM transferred to Dexia SA.
European banks rely heavily on short-term loans to conduct their business and the vulnerability of that funding played a role in the recent collapse of the French-Belgian Dexia bank