And it is now that we have to develop them

With this acquisition in Turkey, Dexia confirms its willingness to develop the universal bank. While it has become a global player in financial services to communities, the Franco-Belgian group is especially present today on the Belgian and Luxembourg markets in retail banking. Axel Miller, its new Director-General, intends to seize the opportunities if they are in Europe and on its edges even if he considers that "this is not a priority".

This acquisition mark a break or is it within the continuity of the strategy followed since the establishment of the Group ten years ago

We are completely in line with our strategy announced in 1996 with the creation of Dexia to become a global player in the financing of the communities and develop in the universal bank. We have become a world leader in public funding and the time has now come to accelerate our growth in universal bank. We have significant reserves of growth in this area. And it is now that we have to develop them.

This is your first significant acquisition in overseas retail banking. Are you considering other

We are a European banking group. It is clear that we have the ambition to develop on our two engines of the financing of the public sector and the universal bank. And in the fifteen and in the countries of Eastern Europe. It is our natural development. Or the acquisition of a universal bank to strengthen financial services to the public sector, which is not always the case in contrast to an institution specialized in the financing of local communities. But quite frankly, we are not the wonks of external growth. We have in recent years proved our ability to grow only even if we conducted as Artesia acquisitions in 2001. Of course, if opportunities arise, we can seize them but once again, this is not a priority.

Some analysts are you paid dear DenizBank and doubt the operation as early as 2006 accretive nature...

The operation accretive nature, taking into account the adopted funding, does not doubt. As its high cost, an acquisition be assessed firstly in terms of the quality of the target. DenizBank is a good company, with a good industrial vision, a good project and a good management team. In addition, the multiple matches multiple who currently pay on the Turkish market. Finally, compared to prices in other countries (including Romania, NLDR), we are below. However the Turkish market, with its 70 million people, has an exceptional opportunity for Dexia in universal bank in financing infrastructure and projects.

What do you think to bring it in retail banking

It's been almost three years that we look at the Turkish market. We took our time and we now have a good knowledge. It is not question for us to arrive in conquered land. But we can provide the expertise and practices acquired in our Belgian and Luxembourg markets. In matters such as mortgage market, which is in its infancy in Turkey, asset-liability management, business processes, or cost of refinancing, Dexia will help DenizBank to improve its coefficient of operation and develop its revenues.

In the Japan, you mentioned the beginning of a possible joint venture with a local institution. Is this news

Entirely. It is a market which we very interested and we are install us and search for a potential partner on the spot.

You are currently conducting a strategic review of your trades. When leaves it a vision of your development

After the summer, certainly.