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Dexia Belgium set for nationalisation

Franco-Belgian bank Dexia has said it expects to conclude plans for the Belgian state to take control of its Dexia Bank Belgium unit at a board meeting scheduled for Wednesday. The business is being nationalised as part of a rescue plan agreed earlier this month that will result in the break-up of Dexia. The Belgian state is acquiring the domestic retail unit for €4bn ($5.5bn) while the Belgian, French and Luxembourg governments have agreed to offer €90bn in guarantees for Dexia's funding over the next decade. UBS acted as sole adviser to the Belgium government.

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