anonyme traded as euronext dexb luxse dxb industry financial services founded 1996 ; 20 years ago 1996 headquarters ixelles brussels belgium la d fense greater paris france area served worldwide key people robert de metz chairman board of directors karel de boeck managing director president of executive committee products public sector banking commercial banking private banking insurance profit 163 million 2015 total assets 230.281 billion 2015 total equity 4.118 billion 2015 owner belgian federal state 50.02 % french state 44.40 % others 5.58 % number of employees 1 203 2015 subsidiaries crediop 70 % capital ratio 15.9 % cet1 website official website footnotes references in consolidated basis 1 dexia s.a. also referred to as the dexia group was a franco belgian financial institution active in public finance providing retail and commercial banking services to individuals and smes asset management and insurance ; with headquarters in saint josse ten noode brussels . the company had about 35 200 members of staff and a core shareholders equity of 19.2 billion as of 31 december 2010 and provided governments and local public finance operators with banking and other financial services . asset management and services provided asset management investor and insurance services in particular to clients of the two other business lines . 2 in 2008 the bank received taxpayer bailouts for 6 billion and it became the first big casualty of the 2011 european sovereign debt crisis . due to big losses suffered among others from the debt haircut on greek government bonds its common equity tier 1 cet1 capital ratio became negative during the second half of 2011 citation needed and an orderly resolution process began in october 2011 . 3 4 as part of the resolution dexia bank belgium was bought out from the dexia group by the belgian state and will continue to exist under its new name belfius . the remaining part of the dexia group was left in a bad bank and will either be sold or wound down . 5 contents 1 profile 2 history 2.1 belgium gemeentekrediet van belgi cr dit communal de belgique 2.2 france cr dit local de france 2.3 dexia the group 8 3 recent events 3.1 crisis 2008 2009 3.2 losses 3.3 2010 downsizing and reorganizing 3.4 2011 3.5 2012 3.6 2013 3.7 2014 3.8 2015 4 figures 4.1 dexia shares 4.2 results 38 4.3 shareholder structure 5 bic 6 controversies 6.1 netherlands 6.2 sustainability 6.3 israeli settlements controversy 6.4 remunerations 6.4.1 axel miller 6.4.2 salary of pierre mariani 6.4.3 bonuses in 2008 6.4.4 golden hellos 6.4.5 bonus 2010 7 management 7.1 board of directors 50 8 buildings 8.1 dexia tower 8.2 tour dexia 9 see also 10 references 11 external links profile edit in the 2010 fortune global 500 which lists companies by total income 6 dexia was ranked 49th the top ranked belgian company . 7 the company was founded in 1996 through the merger of gemeentekrediet van belgi cr dit communal de belgique founded in 1860 and cr dit local de france founded in 1987 . the dexia group was founded as a dual listed company but in 1999 the belgian entity took over the french entity to form one company . the company is headquartered in brussels belgium . france and belgium just injected another combined 5.5 billion 7 billion into dexia . history edit belgium gemeentekrediet van belgi cr dit communal de belgique edit 1860 foundation of the gemeentekrediet van belgi cr dit communal de belgique specifically aimed at financing the investments of the local administrations . the communities were shareholders for a value of at least 5 % of the amounts drawn . 1947 development of a network of retail branches that allow drawing funds from the general public through savings accounts . from 1960 on the branches were run by independent agents allowing a broader range of services and products to be offered and a lasting relationship with clients to be developed . 1990 start of the international expansion of the bank with the creation of the cregem international bank in the grand duchy of luxembourg specialising in the management of large sums of money . 1991 the gemeentekrediet builds on its international expansion by taking a stake of 25 % in the banque internationale luxembourg bil the biggest bank in luxembourg . in early 1992 the firm increased its stake in bil to 51 % . france cr dit local de france edit 1987 foundation of the cr dit local de france as a successor to the caecl caisse d aide l quipement des collectivit s locales ; it was a public administrative institution managed by the caisse des d p ts . the cr dit local de france was a specialised financial institution responding to the needs of local administrations that have become important economic agents in their own and make as much use of products and services of the financial markets as businesses . 1990 the cr dit local de france begins an international expansion with the opening of an american subsidiary the clf new york agency . aiming at a similar development in europe the clf mainly operated in great britain spain germany and italy ; additional activities were later added in austria scandinavia and portugal . 1991 cr dit local de france underwent an initial public offering on the paris stock exchange . the shareholders at the time were the french state 25.5 % the caisse des d p ts 25 % and individual investors from france and abroad 49.5 % . dexia the group 8 edit 1996 merger of the gemeentekrediet credit communal de belgium and the cr dit local de france to form dexia . 1997 dexia takes a stake of 40 % in the italian firm crediop the biggest privately owned bank specialising in finance for italian local administrations . 1998 dexia increases its shareholding in crediop to 60 % . 1999 first listing of dexia group as a dual listed company citation needed on the brussels and paris stock exchanges in november at a price of 6.86 per share . in belgium the stock became part of the bel20 index and in france of the cac 40 . the group broadens its insurance activities in france belgium and germany . dexia s.a. the belgium side soon became the parent company of french side dexia credit local . 2000 acquisition of financial security assurance fsa in the united states a major player in credit enhancement for municipalities making dexia the world leader in the market of financial services to the public sector . dexia is active in nearly all european countries in this market as well . start of an annual reserved capital injection to which only dexia members of staff can inscribe . 2001 acquisition of artesia banking corporation a banking group with activities as retail bank bacob insurance dvv and asset management cordius . the stake in crediop grows to 70 % and dexia gains control over otzar hashilton hamekomi an israeli credit provider for local authorities . 2002 integration of the artesia branches in belgium . 2006 acquisition of 99.8 % of the turkish firm denizbank . 2006 royal bank of canada created institutional investment joint venture with dexia . it is a 50 50 partnership called rbc dexia investor services . recent events edit crisis 2008 2009 edit on 29 september 2008 dexia came under pressure during the crisis in the banking sector . other banks and financial institutions refused to provide further credit to dexia because of potential losses at its u.s. subsidiary fsa and from a multi billion loan to troubled german bank depfa . 9 the price of the dexia share having peaked above 20 in the previous years but gradually fallen to around 10 dropped in one day to 6.62 . the next day the rating agency moody s downgraded dexia s long term debt and deposits ratings from aa1 to aa3 10 and downgraded the individual banks strengths to c adequate intrinsic financial strength with a negative outlook . 11 dexia was quickly forced to apply for a taxpayer bailout . this support was assured within days taking two forms a capital injection of 6.4 billion 12 consisting of 3 billion from the belgian state and regional governments 3 billion from the french state and caisse des d p ts et consignations and 376 million from the government of luxembourg . a state guarantee effective from 31 october 2008 13 covering dexia s liabilities towards credit institutions and institutional counterparties as well as bonds and other debt securities issued for the same counterparties for a total maximum amount of 150 billion . belgium provided 60.5 % of the guarantee with a 36.5 % contribution from the french state and 3 % from luxembourg . the three states have the potential to make a profit from their intervention the new capital buys dexia shares at a price of 9.90 per asset for the state guarantee dexia has to pay a monthly fee from which the three states benefit proportionally to their share in the guarantee . the guaranteed amount varies continually as a function of dexia s loans on the financial markets . it peaked mid 2009 at around 100 billion but after dexia managed to start selling non guaranteed commercial paper and bonds again fell to half this size by the end of 2009 . in 2009 dexia paid a fee of 0.5 % on the guaranteed credits with a term of less than one year and 0.865 % on the credits longer than one year . the guarantee is currently planned to end in november 2010 . since dexia had a new york banking office they were eligible for various bailouts from the us federal reserve . at its peak dexia had borrowed 58.5 billion . 14 on 30 september 2008 the company s chairman pierre richard and ceo axel miller were dismissed and were replaced on 7 october 2008 by former belgian prime minister jean luc dehaene and pierre mariani nl respectively . on 24 october 2008 francois rebsamen the socialist mayor of dijon and a french senator vacated his place on the board of dexia credit local while antoine rufenacht ump mayor of le havre philippe duron socialist mayor of caen and christophe bechu president of maine et loire province stayed . 15 at the end of 2008 dexia sold the healthy parts of fsa ceased its trading activities in paris and trading on its own account in the financial markets . further losses are still possible on the remaining fsa portfolio . on 19 january 2009 moody s lowered the credit rating for dexia s long term obligations and saving accounts of the three banking parts of dexia dexia credit local in france dexia bank belgium and dexia banque internationale in luxembourg from aa3 to a1 . the rating agency also downgraded the bank financial strength rating for the three banks from c to d . on 5 march 2009 dexia s share price fell to an all time low of 1.21 a loss of over 90 % in a year . a further restructuring plan was announced with the firm aiming to concentrate on its primary activities and to avoid risks on the financial markets . a total of 1 500 job cuts were announced of which more than half were in belgium 260 in france and the rest worldwide . dexia s share price subsequently increased over the rest of 2009 largely varying between 4 to 7.50 . on 31 march 2010 bloomberg reported that dexia was one of the largest borrowers from the discount window of the united states federal reserve having outstanding loans of over 30 billion . 16 losses edit in february 2009 the bank announced net losses of 3.3 billion euros approximately 4.2 billion us dollars for 2008 . 17 the dexia 2008 annual report mentions among others losses of 1.6 billion from selling fsa 600 million