Dexia, via its subsidiary Dexia Crédit Local, opens Dexia Public Finance (Switzerland), a 'foreign bank representation in Switzerland' that specializes in public finance.
This will allow Dexia to further optimize its service to the local public sector in Switzerland, including the communes and cantons, whose total debt amounts to roughly EUR 190 billion. Dexia Public Finance (Switzerland) will offer the financing products of the Dexia Group to the Swiss public corporations (communes and cantons) and to the institutions of which they are shareholders of guarantors (municipal and cantonal undertakings, cantonal banks) or companies under private law involved in projects for the local public sector.
The authorization to open Dexia Public Finance (Switzerland) has been granted and Ludo Schockaert has been appointed director-general.
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