Belgian lender Dexia SA (EBR:DEXB) has agreed to sell its Dexia Asset Management business to Hong Kong-based private equity firm GCS Capital in a deal worth EUR380m (USD496m), the vendor said.
The move comes about a week after the parties unveiled exclusive talks regarding the sale of the business.
The divestment follows Dexia’s orderly resolution plan announced in October last year and marks one of the last disposals of its main commercial franchises, the bank added.
The divestment is now pending the nod of regulators and the European Commission. Dexia, which does not expect the sale to impact substantially its consolidated results and solvency metrics, hopes to complete the transaction in the first quarter of 2013.
The sale will allow Dexia to stay on track of its commercial development and tap new growth segments, its CEO Karel De Boeck commented.
GCS Capital intends to retain the business’ current regional presence in Brussels, Paris, Luxembourg and Sydney, while working to bolster its relations with institutional and private clients, mainly with Belfius and Banque Internationale a Luxembourg, Dexia said on 4 December.