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Provider : Reuters Investment Profile
Provider : MarketLine
Provider : Wright Reports

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Dexia SA Updates on Disposals, Regulatory Investigations and Litigations

Friday, 15 Nov 2013 12:59am EST 

Dexia SA announced that on October 4, 2013, the Group sold its 50% holding in Domiserve to Axa Assistance Participations. In addition, Dexia finalized the sale of its holding in Public Location Longue Duree (Public LLD) to Arval Service Lease. Public LLD was a 49% subsidiary of Dexia Credit Local, specialized in automobile leasing to public organizations and associations. Financial terms were not disclosed. The Company also announced details regarding regulatory investigations and litigations involving its subsidiaries. Regarding Dexia Crediop, the Company announced that the High Court of Justice in London confirmed its position concerning the validity and enforceability of interest rate swap contracts concluded in this case by the region of Piedmont. The region of Piedmont was ordered to pay the amounts due. An agreement was concluded in mid-August with the city of Florence containing an acknowledgment of the validity of the swap contracts from the beginning, and as a consequence of all net amounts due. In addition the Company announced that the total number of clients having filed claims against Dexia Credit Local, SFIL and/or CAFFIL is 215. During July 2013, Dexia was informed of the ruling made by the Turkish competition authorities finding DenizBank guilty of price fixing. In accordance with the undertaking made to Sberbank, the acquirer of DenizBank, Dexia reimbursed the latter the amount of the fine paid by DenizBank. DenizBank has appealed. 

Company Quote

0.0030 +6.98%
9 Oct 2015