Rumours force troubled bank to confirm sale
US insurance Midas Warren Buffet is rumoured to be buying all or part of Financial Security Assurance (FSA), the US bond insurance arm of troubled European bank Dexia.
The French, Belgian and Luxembourg governments bailed out the troubled bank and financial services firm in September and the company is due to reveal the results of the strategic review on Friday. Chief executive Pierre Mariani is understood to be looking at how the bank could reduce its risk exposure from FSA.
The bank issued the following statement: “As a reaction to rumours that Dexia would consider selling all or part of FSA, Dexia confirms the mandate given by its Board of Directors to the Chief Executive Officer on October 20 to explore the options and means which might enable the specific risk of FSA's activity to be reduced. Decisions taken in this context will be the subject of a specific communication in due time.”
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