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Dexia Chief Sees Bank Profitable Starting in 2018, Trends Says

Nov. 15 (Bloomberg) -- Dexia SA will return to a profit starting in 2018, Trends magazine reported, citing Chief Executive Officer Karel De Boeck.

Losses this year and next will be expressed in billions of euros and thereafter in several hundreds of millions, Trends cited De Boeck as saying.

Next year and 2014 “will also be difficult years” as the sale of the DexMA and Dexia Asset Management activities weigh on profitability and because the bank will need to refinance expiring loans, De Boeck said.

Dexia will need to draw more on its state guarantees in the coming two years, although the 85 billion-euro ($108 billion) ceiling will suffice, De Boeck said. He estimates that the situation “can stabilize” starting from 2015, according to the business magazine.

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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