Belgian lender Dexia SA (EBR:DEXB) on Tuesday unveiled exclusive talks for the disposal of its Dexia Asset Management business to Hong Kong-based private equity firm GCS Capital.
The financial details of the deal being negotiated were not disclosed.
This sale is part of Dexia’s orderly resolution plan announced in October last year and marks one of the last divestments of its main commercial franchises, the vendor said.
The Belgian bank expects that GCS Capital, backed by strong financial institutions, would continue to invest in Dexia Asset Management’s platform and ensure its international growth with focus on the world’s fastest developing regions.
The new owner is looking to keep the business’ current regional presence in Brussels, Paris, Luxembourg and Sydney, while working to enhance its commercial relations with institutional and private clients, mainly with Belfius and Banque Internationale a Luxembourg.
Dexia gave no timetable for the completion of the deal.
GCS Capital also has offices in London and Beijing.