Dexia Bank Belgium rebrands as Belfius Bank & Insurance as it reveals 2011 losses

After reporting a net loss of €1,367m after tax for 2011, Dexia Bank Belgium has rebranded as Belfius Bank & Insurance.

Its result was dominated by the write-down of Greek bonds (-€1,305m after tax), a loss on the sale of Dexia Asset Management (-€147m after tax), losses from the cut-back of the investment portfolio (-€162m after tax) and the write-down of other provisions (principally Holding Communal) (-€246m after
tax).

Speaking of the rebrand Jos Clijsters, chairman of the board of management of DBB, said: "From now DBB will continue under the brand name of Belfius Bank &  Insurance. With this new name we turn a page.

"Belfius Bank & Insurance becomes the colours under which we now sail. All our buildings, our branches and offices, our websites and our products and services will gradually adopt this name.

"We have opted for a phased-in, cost-conscious approach rather than for an overhasty, costly make-over. Here, too, we want above all to remain ourselves."

2011 was an eventful year for DBB. As part of the operation to unwind the Dexia Group, DBB was bought by the Belgian government for €4bn through its investment company SFPI.

At the same time DBB was faced with the liquidation of one of its longstanding customers, namely Holding Communal. And finally the bank suffered the effects of the crisis in Greece through the losses on its Greek bond portfolio.

In a statement the firm said: "With a new name, a new logo and a new colour-scheme we make a full and final break with the past. The name 'Belfius' contains a clear reference to what we are: a locally-grounded provider of financial services, the property of the Belgian government with the task of creating added value in various forms for society.

"The logo [pictured] gives pride of place to the equals sign as a symbol of the new balance which we aim to achieve in our relations with our customers.

"Belfius has a new board of directors and its newly appointed committees have the necessary instruments in hand to implement the change with the aim of remaining a big Belgian bank."

Alfred Bouckaert, chairman of the new board of directors, added: "Belfius is naturally a product of its past but I have every confidence that we will be able to amend this in the future."