The Dexia Group was created in 1996 as the result of an alliance between Crédit Communal de Belgique and Crédit Local de France, two market leaders in local public finance. The group has since become truly international with offices in 30 countries and it is one of the 15 largest banks in the euro zone in terms of market capitalization.
Dexia Group is quite familiar with the annual meetings of the World Bank and the International Monetary Fund. It would now like to become more involved and contribute to the international financial and banking community’s development by sharing its expertise and know-how about the major business lines which make up its core business:
- Financial services to the local public sector, project financing and credit enhancement: the Group is most active in Europe, North America and the Asia Pacific region and has become the leading player in local public finance worldwide.
- Private banking services: the Group provides a full range of banking and insurance services to its clientele of households and small and medium-sized companies in particular in Belgium and Luxembourg.
- Treasury and financial markets.
Dexia will emphasize its financial market activities at the Singapore meetings. The bank has gained extensive expertise in credit instrument active management (credit spread portfolio activity). It focuses on sovereign and quasi-sovereign financial sectors and securitization. The portfolio, about EUR 70 billion, is stable and provides high returns while maintaining superior liquidity and credit quality (99% of assets are investment grade). This activity is managed from the Dublin office which works with specialized teams in NY, Berlin, Rome and Singapore. Dexia is positioning itself as a major participant in the bond market. The bank has an international reputation, notably thanks to its Dexia Municipal Agency subsidiary which is dedicated to Public Finance refinancing activities.
Dirk Bruneel, a member of the Dexia Management Board is proposing a debate with central banks, employees of the banking industry and other banks. The debate will be opened by Anton Brender, Chief Economist of Dexia Asset Management, on the topic of global financial imbalances and their impact on exchange rates (the euro and dollar rates in particular).
“What if these imbalances are more sustainable than generally thought?”
This is the proposed discussion topic for a breakfast to be held on Wednesday, September 20, 2006, from 8:00 to 9:30, at the Raffles The Plaza Hotel (80 Bras Basah Road – Singapore 189560).