Franco-Belgian bank Dexia chose Société Générale to outsource market activities management, which should help it reduce costs, revealed Managing Director Karel de Boeck on Wednesday. “We will probably reach an agreement with Société Générale, for them to take over the running of our market activities,” he said at a hearing of the Finance Committee of the Belgian National Assembly. The agreement will result in 40 to 50 Dexia employees joining the French bank, added Karel de Boeck.
Dexia bank was instrumental in financing local authorities in France, and is currently being dismantled after avoiding bankruptcy twice (in 2008 and 2011) thanks to the French, Belgian and Luxembourg governments. Dexia will also sell its tower building located in the La Défense business sector (west Paris), purchased in 2005 for around 300 million euros.