Belfius Bank and Insurance, known as Dexia Bank Belgium up until 1 March 2012, is a for-profit PLC founded to meet local authority needs. Belfius emerged from the dismantling of the Dexia group, of which it was part until 10 October 2011, when it was purchased by the Belgian State for 4 billion euros. The company's headquarters are in Brussels. History Belgium: Gemeentekrediet van België / Crédit Communal de Belgique Gemeentekrediet van België / Crédit Communal de Belgique is founded in 1860, specifically for the financing of local authority investments. Municipalities seeking to borrow are obliged to purchase shares equal in value to at least 5% of the borrowings. In 1947, the bank begins to develop a network of retail branches that allows funds to be drawn from the general public through savings accounts. From 1960 on, the branches are run by independent agents, allowing the offer of a broader range of services and products and the development of a lasting relationship with clients. The international expansion of the bank starts in 1990, with the creation of the Cregem International Bank, specialising in the management of large sums of money, in the Grand Duchy of Luxembourg. In 1990, Gemeentekrediet builds on its international expansion by taking a 25% stake in the Banque Internationale à Luxembourg (BIL), the biggest bank in Luxembourg. In early 1992, the firm increases its stake in BIL to 51%. Belgium: BACOB / Artesia The Coopération Ouvrière Belge (COB), the precursor of Banque BACOB and Les AP, is founded in 1924. In 1997, BACOB bank takes the majority stakeholding in Banque Paribas Belgium, which then becomes Artesia Bank. The new group – comprising retail bank (BACOB), insurance company (Les AP), investment bank (Banque Artesia) and asset manager (Cordius), takes the name Artesia Banking Corporation in 1999. Dexia: Group In 1996, Gemeentekrediet / Credit Communal de Belgique (presided over by François Narmon) merges with Crédit Local de France to form Dexia. In 1997, Dexia takes a 40% stake in Crediop, Italy’s biggest privately owned bank, specialising in finance for local administrations. Dexia increases its shareholding in Crediop to 60% in 1998. The first listing of Dexia Group as a dual-listed company on the Paris stock exchanges dates from November 1999, at a price of €6.86 per share. In Belgium, the stock becomes part of the BEL20 index, and in France of the CAC 40. The group broadens its