Dexia to make 199 mln euro loss on Luxembourg unit sale
BRUSSELS Oct 5 (Reuters) - Franco-Belgian lender Dexia said on Friday it had completed the sale of its Luxembourg arm to Qatar's Precision Capital and the Luxembourg state and would likely book a loss of 199 million euros ($258.8 million) as a result.
Dexia sold Banque Internationale a Luxembourg (BIL) for 730 million euros but had to pump 204 million euros into the unit before the sale to cover some of the losses BIL incurred from the transfer of its bond portfolio to Dexia.
Precision Capital, owned by Qatar's al-Thani royal family, will own 90 percent of BIL, and Luxembourg the remaining 10 percent. ($1 = 0.7689 euros) (Reporting By Philip Blenkinsop)
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