Brussels, Paris, 18 March 2018, 10:30 am
Dexia sells its 58.9% participation in Dexia Israel Bank
Dexia announces today that Dexia Crédit Local has successfully agreed on an off-market transaction with a series of qualified investors, involving the sale of all its shares in Dexia Israel Bank (Dexia Israel). The sale is made at a price of NIS 674 per share and the total consideration amounts to approximately EUR 82 million.
Dexia Crédit Local acquired control of Dexia Israel in February 2001. The bank focuses on banking services to the public and municipal sectors in Israel. Its securities are listed on the Tel-Aviv Stock Exchange (DXIL).
The sale of Dexia Israel completes the mandatory divestment process of the Group's commercial franchises, as part of the commitments taken by the French, Belgian and Luxembourg States in the framework of the resolution plan approved by the European Commission in December 2012. As such, it represents an important milestone on the path of the execution of Dexia's resolution.
The impact of the sale, considered to be non-material, will be recorded in Dexia's 1Q 2018 consolidated financial statements.
