press release
11/12/2006

Dexia Asset Management opens a representative office in Bahrain

Brussels, 11th December, 2006 - Dexia Asset Management confirms its strategy of growth towards the Middle East by opening its representative office in the Kingdom of Bahrain. This new Middle East Office covers nine countries: Lebanon, Jordan, Egypt and the Gulf Cooperation Council, which consists of Saudi Arabia, Bahrain, the United Arab Emirates, Kuwait, Oman and Qatar. 
 
Dexia Asset Management (Dexia AM), a subsidiary of the Dexia Group and one of the most important asset managers in Europe with 103 billion euros of assets under management (as of end October 2006), is extending its activities to the Middle East. "After recently opening our branches in Scandinavia and in Germany, we are confirming our strategy of expansion and our wish to grow towards the Middle East. The Kingdom of Bahrain is an ideal platform on which to develop our regional presence," emphasises Henri-Michel Tranchimand, Member of the Executive Committee of Dexia AM.
 
Firas Mallah, appointed Head of the Middle East Office, arrived at Dexia AM in 2005 to develop the potential for a growth of activity in the Middle East. Although initially the market study and the first relations with institutional clients were handled from Paris, now the representative office is in place with a team of four people.
 
"We are detecting increased interest in alternative and traditional management, accentuated by the sudden and recent increase of oil prices," says Firas Mallah. The representative office therefore offers products from the wide range of Dexia AM funds best suited to institutional investors (governments, local authorities, banks, insurance companies and so on).
 
About Dexia Asset Management
Dexia Asset Management, the asset management centre for the Dexia financial group, specialises in financial analysis, fund management and management of institutional and private mandates. As a first class European asset manager, Dexia AM manages some 103 billion euros of assets (as of end October 2006) spread over a wide range of investment competences: traditional management, alternative management and sustainable and responsible investments. Dexia AM has management centres in Brussels, Luxembourg, Paris and Sydney and marketing teams in Belgium, France, Luxembourg, the Netherlands, Switzerland, Italy, Spain, Scandinavia, Germany, Austria, Australia and Bahrain.
Find more information visit www.dexia-am.com
 
About Dexia group
Dexia was born of the alliance in 1996 of two major players in local public finance in Europe: Crédit local de France and Crédit Communal de Belgique. Both institutions, together with Banque Internationale à Luxembourg (BIL) were united in 1999 into one publicly quoted company named Dexia. Today, Dexia ranks among the twenty largest financial institutions of the euro zone.
As a pioneer of European cross-border consolidation, driven by its maxim "no achievement without lasting commitment", Dexia has a unique banking franchise built on two pillars : Public/Project Finance worldwide and Universal Banking activities in Europe.
Dexia is listed on the Euronext 100, the CAC 40 in Paris, the BEL 20 in Brussels and the Luxembourg stock exchange. Its stock market capitalization as at 30 September 2006 was 23.4 billion euros.
Composition of capital as at 30 September 2006:
Arcofin : 17.5%; Holding Communal : 16.7%; Caisse des dépôts et consignations : 11.6%; Ethias : 6.3%; Institutional investors : 26.0%; Non-identified shareholders including individual shareholders  17.3%; Staff : 4.6%.
 
Key figures as at 30 September 2006:
Net income - Group share: EUR 1,963 million
Earnings per share: 1.80 euro
Cost/income ratio: 48.9%
Return on equity: 23.0%
Tier One ratio: 10.8%
Balance sheet total: EUR 546,985 million
 
Find more information visit www.dexia.com
 
Press contacts
 
1.        Ulrike Pommée, Global Head Press Service, Dexia Group - Tel: +32 2 213 50 81 - pressdexia@dexia.com
2.        Dominique de Garady, Head PR, Dexia Asset Management - Tel: +32 2 222 65 11, dominique.degarady@dexia-am.com