Dexia in talks with GCS Capital to sell asset management arm
Franco-Belgian Dexia is in exclusive talks to sell its asset management unit, as part of a plan to dispose its assets following aid received by the state.
In November, France and Belgium jointly provided €5.5bn to the firm, taking almost full control of the group.
According to press reports, Dexia is in exclusive talks with a Hong Kong-based private equity fund, GCS Capital, run by two former senior investment bankers at HSBC.
Following the acquisition, GCS, advised in the deal by HSBC, would increase the number of products available in Asia to sell back to European and other clients.
The deal could reach a €500m value.
The sale of the asset management unit would be the final stage of the dismemberment of the group, which sold its Turkish bank DenizBank to Sberbank of Russia in June for about €3bn.