Franco-Belgian bank Dexia has completed the sale of its asset management arm, Dexia Banque Internationale a Luxembourg (BIL), to Precision Capital.
Dexia recently reported the closing of the acquisition of 99.906% of the share capital of BIL, which includes a private banking unit.
The sale follows the Qatari investment group’s acquisition of BIL for 730m ($947m) in December last year.
Precision acquires 90% and Luxembourg monarch takes 10% stake
Luxembourg-based Precision Capital now own 90% of Dexia’s shares in BIL, while the remaining 10% of its shares have been acquired by the Grand Duchy of Luxembourg.
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The bank said that the scale of the transaction covers BIL, including its branch network and Experta in Luxembourg, as well as the bank’s international network in Switzerland, Denmark, France, Singapore and Bahrain.
High hopes for BIL
Precision Capital CEO George Nasra said: "Supported by the strength of its new owners, we believe that BIL will contribute actively to the development of the sector and will seek to generate new revenue streams through organic growth and strategic expansion inselect target markets."
Commenting on the future of the bank chief executive officer of BIL, François Pauly said: "Our new shareholders provide BIL significant opportunities for growth – both in the local market and internationally."
Minister of Finance of the Grand Duchy of Luxembourg, Luc Frieden, said that the bank is now, "strongly positioned for the future."