Bailed-out financial group Dexia has cleared the way for its full breakup.
The board of directors has given final clearance for the nationalisation of its Belgian banking business and sale of its French public financing arm.
Dexia was rescued by France, Belgium and Luxembourg this month, receiving 90 billion euros of state guarantees and accepting that Belgium would take over its operations there for four billion euros.
Dexia said French state bank Caisse des Depots and La Banque Postale, France’s post office bank, would take stakes of 65 percent and 5 percent respectively in its French public financing arm, Dexia Municipal Agency.
Chief Executive Pierre Mariani told French business daily Les Echos the takeover price was 380 million euros.
Caisse des Depots and La Banque Postale would also set up a 65:35 joint venture to provide loans to French local authorities, refinanced through Dexia Municipal Agency.
The group said it had also started processes to dispose of its 50 percent share in a joint venture with Royal Bank of Canada — RBC Dexia Investor Services — as well as Dexia Asset Management and its fast-growing Turkish operation, DenizBank.
Mariani told Les Echos at least four credible buyers had expressed interest.
Qatar National Bank , the Gulf state’s largest lender, is eyeing DenizBank in a deal potentially worth up to $6 billion.
Another Qatari investment group, belonging to members of the al-Thani royal family, is set to take over Dexia’s Banque Internationale Luxembourg (BIL), in a deal Luxembourg’s finance minister Luc Frieden said was expected to be finalised this month.