Dexia has considered seven candidates for the takeover of its Turkish life insurance subsidiary

Following injunctions from the European Commission, the Franco-Belgian bank Dexia is withdrawing from its life insurance subsidiary Deniz Emeklilik. The bank also disengages from the distribution agreement for non-life and pension insurance products within DenizBank.

This move comes within the scope of the actions undertaken by Dexia with a view to selling its assets before October 31, 2012. Candidates were invited to submit their bids before April 15. Seven major insurers have been retained including Axa and Groupama. In 2009, Deniz Emeklilik posted a premiums volume of 27 million EUR (38.6 million USD) for a market share of 2.3%.