- Expatica countries
Index Last Var.(%) BEL 20 3083.51 0.32 DAX 9605.08 0.17 IBEX 30 10058.5 -1.04 CAC 40 4387.61 -0.20 FTSE 100 6806.86 -0.05 AEX 397.5 -0.20 DJIA 16272.65 0.46 Nasdaq 4318.933 0.63 FTSE MIB 20298.33 -0.11 TSX Composite 14214.35 0.18 ASX 5415.4 -0.10 Hang seng 22836.96 0.04 Straits Times 3110.78 0.45 ISEQ 20 836.3 0.23 EUR / USD 1.37976 0.67 EUR / GBP 0.82571 0.59 USD / GBP 0.598544 -0.10 Gold 1329.6 -0.13 Oil 108.9 -0.76 Silver 21.28 0.08
03/04/2012EU opens probe into sale of Dexia bank unit in Luxembourg
The European Commission said on Tuesday it had opened an in-depth investigation into the sale of the Luxembourg unit of fallen Franco-Belgian bank Dexia to an investor linked to the Qatari royal family.
The Commission said the probe aims to wether the sale of Dexia BIL "is conducted on market conditions and therefore does not contain any state aid element."
Following the dismantling of Dexia, investors linked to Qatar's royal family agreed to buy 90 percent of Dexia BIL, the bank's Luxembourg unit.
The transaction, mostly for Dexia BIL's retail and private banking businesses, also involves the state of Luxembourg acquiring a 10 percent for 100 million euros.
"Given that the proposed sale is the result of exclusive negotiations with one private investor ... the Commission has opened an in-depth investigation to assess whether the price of the transaction" is in line with its market valuation, it said in a statement.
The Commission added it "does not have enough information on the valuation of the carved-out businesses at this stage".
The Commission said an in-depth investigation gives interested third parties the possibility to submit comments on the sale and increases legal certainty.
First bailed out in 2008 at the height of the global financial crisis, Dexia could not cope with the turmoil of the eurozone debt quagmire and in October, France, Belgium and Luxembourg stepped in to wind up the bank.
© 2012 AFP
- Most Popular Articles
Meet the most eligible internationals in Luxembourg at Expatica Date!
This in-depth profile of Luxembourg includes geography, people, government, economy and transnational issues.
Stay up to date with the news, without having to speak the local language.
- Discussion Forums
buy Real/Novelty Passports, Drivers Licenses,ID cards and visa buy Real/Novelty Passports, Drivers Licenses,ID cards and visa buy Real/Novelty Passports, Drivers Licenses,ID cards and visa Luxembourg's International Comedy Club, Sat, Nov 15 Study abroad? Book now on Studybooking.com
- Inside Expatica
Since 2008, the work permit and the residence permit (for third country national workers) have been merged into a single permit, the Autorisation de séjour. Since 2009, dual or multiple citizenship has been permitted.
Whether you decide to buy or rent in the Grand Duchy, here is our short housing guide, including a look at some of the areas you might want to live in.
Whether it’s finding a doctor or figuring out how to fill your prescription, we give you the basics you need to stay healthy in Luxembourg.
Here is a list of some of the many banks based in Luxembourg.