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Dehaene to be new chief of French-Belgian bank Dexia

Latest update : 2008-10-07

The Belgian government has announced that Jean-Luc Dehaene will be the new president of embattled French-Belgian bank Dexia, following Belgian Prime Minister Yves Leterme's statement that he was committed to saving the bank.

The Belgian and French governments have agreed to propose former Belgian premier Jean-Luc Dehaene as new chairman of troubled Dexia bank, with a BNP Paribas manager as CEO, Belgian leaders announced Tuesday.
   
Belgian Prime Minister Yves Leterme announced the names in the early hours of Tuesday following an emergency cabinet meeting.
   
On Monday Leterme held talks in Paris with French President Nicolas Sarkozy on the fate of the French-Belgian bank, whose shares have been plummeting.
   
The departure of bank chairman Pierre Richard and chief executive officer Axel Miller were among the conditions of an earlier 6.4-billion-euro bailout package for Dexia, hastily put together by the French, Belgian and Luxembourg governments.
   
The capital injection, worth 9.2 billion dollars, was agreed as Dexia's share price plummeted.
   
So far this year Dexia shares have lost nearly 60 percent of their value.
   
Frenchman Pierre Mariani, a senior BNP Paribas manager, was nominated as new Dexia CEO with Dehaene, who served as Belgian PM between 1992 and 1999 as chairman.
   
The Belgian and French governments are agreed on the nominations, Leterme told reporters after the cabinet meeting.
   
Dehaene is "very motivated" at the idea of assuming the post, the Belga news agency reported him saying.
   
Dexia was founded in 1996 in a merger of France's Credit Local and Belgium's Credit Communal. While it specialises in local government finance, it also has 5.5 million individual clients in Belgium, Luxembourg, Slovakia and Turkey.
   

Date created : 2008-10-07

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