Hony and GCS named preferred bidders for Dexia unit

The sale is part of a wider divestment process launched by Dexia following its rescue last October by the Belgian, French and Luxembourg governments. The asset management arm of the twice-bailed-out European bank currently holds close to €80bn for clients across 25 countries.

An agreement in principle was reached between the three parties in Paris on Wednesday, and is set to be signed next week, the Financial Times reported. It added that the two Chinese players are planning to increase investment in Europe as well as launch renminbi products for investors in the region.

Dexis put its asset management unit on the block in June, seeking about €750m. All the potential investors were understood to be non-European, with New York Life Insurance and Macquarie Group among those to express interest.

This article was originally published in unquote's sister publication AVCJ. Read the full article here.

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