PRESS RELEASE
21/11/2005

Dexia Private Banking Inaugurates its New Offices in Bahrain

 

Brussels, Paris, Luxembourg, 21 November 2005 - Dexia Private Bank (Switzerland), a 100% owned subsidiary of Dexia Banque Internationale à Luxembourg (Dexia BIL) and member of the European banking group Dexia, announced the opening of its new representative office in Bahrain.

During a press conference held at the Ritz-Carlton Hotel Bahrain, Mr Marc Hoffmann, Dexia BIL's Executive Board Chairman, stated that "the bank's decision to set up its offices in Bahrain stems from the Kingdom's worldwide reputation as the financial 'hub' of the Middle East, hosting over 300 international banks, insurance companies and other financial institutions and offering a safe business environment."

"Our move to Bahrain also builds on our ongoing strategy of entering new markets that are in search of unique, tailored-made financial and wealth-management services. The anticipated surge in foreign investment drawn in by the Bahrain Financial Harbour and Bahrain's focus on encouraging the entry of international corporations, firmly position it as an attractive base for potential investors, especially in our field of practice" continued Mr Hoffmann.

In this context, Mr Luc Frieden, Luxembourg's Treasury Minister stated: "With our traditional international orientation, we are looking forward to entering a fruitful partnership with the Kingdom of Bahrain as one of the Middle East's most important business centers."

Dexia Private Banking has grown out of a tradition going back to 1856 in Luxembourg, one of the world's main financial centres excelling in the field of private banking. Dexia's expertise in managing the wealth of private and institutional investors is recognised by its international clients, who have entrusted the bank with assets totalling more than 40 billion euros. Dexia Private Banking is headed in Luxembourg and currently has offices in Switzerland, Belgium, France, Denmark, Jersey, Spain, and recently in the Kingdom of Bahrain.

"We live in a constantly changing world where investors who want to preserve their wealth and make it grow, need a clear vision of the future of their assets. Dexia Private Banking understands these needs and gives investors a vision of its wealth management business, treating each client as a highly valued individual, which is the company's strict philosophy" commented Mr Philippe Jouard, Chairman of the Board of Directors of Dexia Private Bank (Switzerland).

"Dexia Private Banking's first-hand knowledge of international markets, through its specialised and experienced teams, enables it to adjust to the national context and, hence, offer products and services adapted to the expectations of its domestic and international clients", continued Mr Jouard.

The opening of this new representative office is perfectly in line with Dexia Private Banking's strategy, which is to establish itself in those markets where there are obvious strategic opportunities.

Note to Editors

Dexia is a European banking group with an international reach, born from the merger in 1996 of the two principal actors in Europe in the field of local public financing: Crédit Local de France and Crédit Communal de Belgique. Together with Banque Internationale à Luxembourg (BIL), these three institutions were united in 1999 in a single listed company under the name of Dexia, making it one of the first cross-border mergers in the European banking sector.

Dexia is listed on the Euronext 100, the CAC 40 in Paris, the BEL 20 in Brussels and the Luxembourg stock exchange. With a stock market capitalisation of more than 20 billion euros, Dexia ranks as one of the top fifteen banks in the euro zone. Most group companies are rated AA or AAA. Dexia is present in 23 different countries, with a net income of 1,772 million euros and total assets worth 389 billion euros (as at 31 December 2004). 24,000 employees contribute to Dexia's rich, cultural diversity.

Dexia Private Banking is the name given to the Dexia group's private banking activities, which are addressed to a demanding clientele of wealthy individuals, entrepreneurs for corporate needs or institutions and associations. Dexia Private Banking makes available to them its wealth management and financial engineering expertise. This business is steered in Luxembourg. Dexia Private Banking currently has offices in Switzerland, Belgium, France, Denmark, Jersey, Spain, and henceforth in the Kingdom of Bahrain.