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BIL split from Dexia now officially confirmed
Economics

BIL split from Dexia now officially confirmed

14.03.2012 From our online archive
Exactly as reported by wort.lu/en on Tuesday, after information received from an employee, Dexia will indeed split and “Banque Internationale à Luxembourg" (BIL) will be reborn once again as a single identity.

(ADW) Exactly as reported by wort.lu/en on Tuesday, after information received from an employee, Dexia will indeed split and “Banque Internationale à Luxembourg" (BIL) will be reborn once again as a single identity.

Negotiations with international investors should be completed by the end of this month. This has now been officially confirmed by Finance Minister Luc Frieden.

On Thursday morning in a press conference scheduled at very short notice, Mr Frieden stated that negotiations are currently at an advanced stage and should be completed by the end of October.

It is interesting to note Luxembourg government now take a stake in the bank as a minority shareholder and will provide, according to Frieden, additional jobs.

Exactly who the international investors could be, was not revealed during the press conference. The Finance Minister stressed, however, that the split of BIL from the Dexia group will not be at Luxembourg taxpayers' expense.

Frieden concluded by underlining that Banque Internationale à Luxembourg on its own is a "healthy, vital and stable bank".

Virtually all the information given in the press conference however, simply officially confirmed information published on Tuesday on wort.lu/en.

The wort.lu/en source responded today by stating, "I don't understand why it wasn't officially released before now. We were instructed on Tuesday by senior management to tell clients that BIL was to be sold, so it was in the public domain".