in Luxembourg. In early 1992 the firm increased its stake in BIL to 51%. France: Crédit Local de France 1987 – Foundation of the Crédit Local de France as a successor to the CAECL (Caisse d'aide à l'équipement des collectivités locales); it was a public administrative institution, managed by the Caisse des dépôts. The Crédit Local de France was a specialised financial institution responding to the needs of local administrations, that have become important economic agents in their own, and make as much use of products and services of the financial markets as businesses. 1990 – The Crédit Local de France begins an international expansion with the opening of an American subsidiary, the CLF New York Agency. Aiming at a similar development in Europe, the CLF mainly operated in Great Britain, Spain, Germany and Italy; additional activities were later added in Austria, Scandinavia, and Portugal. 1991 – Crédit Local de France underwent an initial public offering on the Paris Stock Exchange. The shareholders at the time were the French State (25.5%), the Caisse des dépôts (25%), and individual investors from France and abroad (49.5%). Dexia: the group 1996: Merger of the Gemeentekrediet / Credit Communal de Belgium and the Crédit Local de France to form Dexia. 1997: Dexia takes a stake of 40% in the Italian firm Crediop, the biggest privately owned bank specialising in finance for Italian local administrations. 1998: Dexia increases its shareholding in Crediop to 60%. 1999: First listing of Dexia Group as a dual-listed company on the Brussels and Paris stock exchanges in November, at a price of €6.86 per share. In Belgium the stock became part of the BEL20 index, and in France of the CAC 40. The group broadens its insurance activities in France, Belgium and Germany. Dexia S.A. the Belgium side soon became the parent company of French side Dexia Credit Local. 2000: Acquisition of Financial Security Assurance (FSA) in the United States, a major player in credit enhancement for municipalities, making Dexia the world leader in the market of financial services to the public sector. Dexia is active in nearly all European countries in this market as well. Start of an annual reserved capital injection to which only Dexia members of staff can inscribe. 2001: Acquisition of Artesia Banking Corporation, a banking group with activities as retail bank (BACOB), insurance (DVV) and asset management (Cordius). The stake in Crediop grows to 70%,