BRUSSELS, Dec 12 (Reuters) - Franco-Belgian group Dexia said on Wednesday it agreed the sale of its asset management business, a move that marks the near completion of its dismantling following its virtual collapse in the wake of the financial crisis.
Dexia said it had signed an agreement to sell Dexia Asset Management to GCS Capital for 380 million euros ($496 million) and that it expected to complete the deal in the first three months of next year.
Dexia had expanded to become the world’s biggest lender to local authorities before its access to credit dried up and it had to be bailed out by France and Belgium.
The bank, whose near failure represented one of Europe’s biggest financial crises following the Lehman Brothers collapse, has already sold various businesses, including its Belgian retail arm, its Luxembourg-based unit and its Turkish subsidiary, to meet regulatory conditions on the state aid it has received.
Stripped of most of its businesses, Dexia faces a future as a rump holding company of bonds and loans in “run-off,”, or not attracting new business, still underpinned by state guarantees to support its funding. ($1 = 0.7669 euros) (Reporting by John O‘Donnell; Editing by Dan Grebler)