(Financial Times) -- Belgium's nationalisation of the domestic operations of Dexia was formally agreed in the early hours of Monday by the bank's board of directors and the Belgian government, along with state guarantees worth €90bn ($120bn) to finance the rest of the group.
Brussels will pay €4bn to take over Dexia Bank Belgium, which includes a large retail bank in a group which is otherwise focused on lending to local governments. The forced divestment is the first step in the dismembering of the Franco-Belgian bank after it fell victim to a liquidity squeeze prompted by the eurozone debt crisis.
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