By Chao Deng
SHANGHAI--Hong Kong-based private equity firm GCS Capital, which
bought the asset management arm of troubled bank Dexia SA (DEXB.BT)
earlier this month, said Thursday it plans to help the company
expand in Asia via a partnership with the Industrial and Commercial
Bank of China Ltd. (1398.HK) to reach more customers on the
continent.
Through the partnership with ICBC, China's biggest bank by
assets, GCS aims to make Dexia's fund management products available
to more investors in Asia, and offer the asset manager's European
and Australian clients opportunities to invest in Asia.
The Franco-Belgian bank is selling its asset management arm to
GCS Capital for 380 million euros ($496 million). The unit has
about 80 billion euros in assets under management and a global
staff of 550.
"Asian investors are increasingly interested in genuine European
expertise to identify value opportunities, while in China the
financial services industry is both expanding and evolving," said
GCS Capital Chief Executive Huan Guocang in a company
statement.
Dexia is currently selling off assets to pay back 5.5 billion
euros worth of bailout money from the French and Belgian
governments. The lender has also sold its Turkish and Luxembourg
units as part of its restructuring.
Write to Chao Deng at chao.deng@dowjones.com
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