The sale marks on the last disposals of Dexia’s main commercial franchises as part of its plan to pay back a €5.5bn bailout it received from the French and Belgian governments last year.
GCS said it was committed to stabilising the asset “following an extended period of uncertainty in which the DAM business has shown great resilience”.
The firm said it planned to expand DAM into new markets including Greater China and the Middle East, enhance its product offerings for clients.
GCS added it had signed a strategic partnership agreement with Industrial and Commercial Bank of China, the country’s largest banking group, to help introduce DAM into Asian markets.
It said the new activities would be co-ordinated through regional hubs in Hong Kong and Doha.
Huan Guocang, GCS Capital CEO, said, “Asian investors are increasingly interested in genuine European expertise to identify value opportunities, while in China the financial services industry is both expanding and evolving – this presents an attractive set of circumstances where we see considerable opportunity.”
Earlier reports said GCS had partnered with Hony Capital to buy the unit, although Hony was not mentioned in the statement.
Dexia was also understood to have held talks with European buyout firm Permira, the Macquarie Group and New York Life Insurance, who all expressed an interest in buying the unit.
Advent International, CVC and Warburg Pincus were also thought to have tabled offers earlier this year before pulling out of the process.
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