2023-09-08 17:01:16
The Belgian-French residual bank Dexia recorded a negative net result of 159 million euros in the first half, it reported on Friday. The first six months of 2023 were marked by an increase in the cost of risk linked to the strengthening of provisioning in part of the water distribution sector in the United Kingdom and by a deferred tax gain following transfers of assets between Dexia Crédit Local and its branch in Ireland.
The balance sheet total stood at 60.6 billion euros as of June 30, down 6% over the half-year.
“The Dexia group has taken decisive steps on the path to its resolution, including the preparation of the merger by absorption of Dexia Crediop by Dexia Crédit Local and the initiation of an asset transfer program from Dexia Crédit Local Dublin towards its parent company”, analyzes Pierre Crevits, managing director of Dexia.
Dexia Crédit Local also submitted a request at the beginning of July to withdraw its banking and investment services licenses from the ACPR, the prudential control and resolution authority in France. The abandonment of the credit institution status of Dexia Crédit Local will lead to the change in status of its parent company Dexia, which will cease to be a financial company under Belgian law. Dexia Crédit Local will remain a public limited company under French law.
Dexia collapsed during the financial crisis of 2008. The Belgian banking division was separated from the group in 2011 and renamed Belfius. Since then, the residual bank Dexia has gradually ended its activities (loans and bonds) in an orderly manner.
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