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Dexia Luxembourg boss to leave

Franco-Belgian banking group Dexia has revealed that Marc Hofffman, the managing director and chairman of Dexia Banque Internationale a Luxembourg (Dexia BIL), is to leave the bank by mutual consent.

The board of directors at Dexia BIL paid tribute to Mr Hoffmann, who has presided over the development of Dexia BIL since 2001.

Mr Hoffmann will leave Dexia BIL before the end of July 2006. Frank Wagener has been appointed as vice chairman of the executive committee of Dexia BIL in his stead. He will also be responsible for the daily management of the bank until the appointment of a new managing director.

Dexia bought the famous Luxembourg bank in full in 1999. Founded in 1856 by Prince Henri of the Netherlands, BIL printed Luxembourgish banknotes for many years prior to the introduction of the euro. Dexia BIL is active across the spectrum of banking services, from retail through to wealth management and private banking.