The Franco-Belgian bank Dexia announced on Thursday, November 11, that it has reached an agreement with Slovakia-based investment group Penta concerning the sale of an 88.71-percent stake in its subsidiary Dexia Banka Slovensko, the TASR newswire wrote.
According to Dexia, the deal forms part of an agreement with the European Commission. The EU's executive branch required that the bank, in exchange for a €6.4-billion emergency package that it received from Belgium, France and Luxembourg, should dispose of its Slovak subsidiary by October 31, 2012. Dexia Banka Slovensko CEO Stefaan Depaepe said: "Clients will continue to benefit fully from top-quality services."
According to Dexia, the share-purchase agreement was signed in line with standard terms and conditions and is now subject to approval from the National Bank of Slovakia (NBS) and the Anti-Monopoly Office (PMU). The transaction is expected to be completed in the first quarter of 2011. According to Penta Investments, the purchase sum will not be disclosed. Partner at Penta Investments Jozef Oravkin said that the group intends to preserve Dexia's long-term partnership with local authorities, which will remain one of the main pillars of the bank.
Compiled by Zuzana Vilikovská from press reports
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12. Nov 2010 at 10:00