Two Chinese private equity funds are closing in on a deal to buy the asset management arm of Dexia, highlighting the interest of Asian buyers in European financial assets as banks look to restructure in the wake of the financial crisis.
If the sale of the business for about €500m is completed, it would mark the last stage of a break-up of the twice-bailed-out Belgo-French bank, one of the biggest European victims of successive financial crises during the past four years.
Hony Capital, a Chinese private equity group, has teamed up with GCS Capital, a fund founded by former investment banker Guocang Huan, to buy the business, which has about €80bn under management and clients in 25 countries.