Dexia hit by €6.32bn loss

Dexia, the Franco-Belgian lender that had to be bailed out last month, says the fire sale of its Belgian retail business and losses on Greek government bonds cost it almost €6.32bn in the third quarter.

Dexia did not provide an overall net profit or loss figure since it’s in the middle of being split up, but said it booked a loss of €4.07bn on the sale of Dexia Bank Belgium to the Belgian government. It said the €4bn it received for the unit went to repaying loans to Dexia Bank Belgium.

Dexia also took a loss of 2.32bn on Greek government bonds and related hedges.

It made a small profit from selling a Turkish insurance business.

The bank also detailed its exposure to other struggling European countries, led by a massive €10bn exposure to Italy.