Dexia sells its UK private banking activities


In the context of its policy to focus its private banking activities on selected onshore and off-shore markets, where the group already has a significant presence, Dexia has decided to sell its UK private banking activities and has signed an agreement with Rathbone Investment Management Limited (a wholly owned subsidiary of Rathbone Brothers Plc). Dexia is convinced that the high quality of service currently offered to the clients, will be pursued by one of the most prominent UK private banking institutions.

The assets under management concerned amount to around EUR 0.85 billion (£580 million), a small part of the total book of Dexia Group’s private banking assets under management (41 billion EUR as of September 30th 2005).

The financial impact of this transaction will not be material on Dexia’s accounts.

Subject to approval being granted by the appropriate authorities, the transaction is expected to be complete in April 2006.