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The success of a <strong>com</strong>pany merger is measured inits strategic and operational results, and indeed inthe manner in which it is led.In 2001, <strong>Dexia</strong> purchased Artesia Banking Corporation,which carried on activities in Belgium relating to retailbanking (BACOB Bank), insurance (DVV Insurance) andasset management (Cordius Asset Management); Artesia BCwas also present on the corporate market and in the non<strong>com</strong>mercialsector. Through that acquisition, <strong>Dexia</strong> becamenumber two in bancassurance in Belgium. The Groupconsiderably increased its share of the retail market, whilststrengthening its position as reference banker in the public andsocial sectors. As for expected synergies, the objectives wereachieved and indeed surpassed. In a faultless process lastingfour years, the trading rooms were merged, back offices andIT systems integrated, and the branch network reorganizedon a multi-channel distribution model, under the joint nameof <strong>Dexia</strong> Bank. In terms of economies of scale and <strong>com</strong>mercialadded value, results are today as planned. For <strong>Dexia</strong>, oneof the first reasons for pride is in the exemplary nature ofthe social dialogue which has overseen the process. Effortstowards internal explanation, the spirit of openness amongsocial partners, and the elaboration from 2003 of a newcorporate project anchored in shared values have allowed us toadvance without ever losing sight of either the direction of theproject or its ambition: to create greater long-term value, for<strong>Dexia</strong> members of staff and for all our clients.75
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