News service Reuters reports today that the Franco-Belgian financial group Dexia has announced the sale of its Slovak operation to investment group Penta Investments, which was forced on the bank by the European Commission in return for a EUR 6.4 billion bailout.
The takeover of an 88.71% share in Dexia banka Slovensko should be finalised in 1Q 2011, according to a statement released by the parent bank. Slovakia now must approve the deal, which the bank is obliged to execute by October 2012.
Penta has already announced a buyout of the remaining shares, mostly owned by towns and villages, reports Reuters. The bank currently operates 55 branches in Slovakia, which Penta plans to expand, while retaining the bank’s good relations with municipalities.
Although other banks were interested, Penta was always regarded as the most likely buyer.