Franco-Belgian banking group Dexia has announced the termination of the share purchase agreement with Hong Kong-based GCS Capital relating to the sale of its asset management unit, Dexia Asset Management.
"As GCS Capital has not been able to meet its contractual payment obligations under the share purchase agreement, Dexia feels compelled to definitively abandon discussions with GCS Capital and to formally terminate the share purchase agreement with GCS Capital with effect from 30 July 2013," Dexia said in a statement.
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Dexia said it would now resume talks with other interested parties over the sale of the unit.
In December last year, Dexia signed a sale and purchase agreement with GCS Capital for the sale of Dexia Asset Management by the end of June 2013 at the latest, for a price of 380 millions.
Dexia Asset Management has 550 employees and some 80 billion in assets under management.
Dexia, which has been rescued three times, is selling off assets to pay back 5.5 billion in bailout money from the French and Belgian governments.
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