Financial Biz Cheat Sheet: Dexia Resumes Trading, Oppenheimer Announces Share Repurchasement

Dexia Chairman Jean-Luc Dehaene has resigned from the board of the now-nationalized Belgian bank division, but will remain on as Chair of the parent company.

Hot Feature: French and Belgian Governments Pledge Billions in Guarantees for Dexia

Denizbank, a Dexia-owned bank in Turkey, is surging on speculation it will be sold as part of a restructuring plan for Dexia. Meanwhile, Dexia shares are also trading lower today as they resume trading in Belgium after being suspended last Thursday.

China’s SWF is stepping into the markets today to support the struggling share prices of 4 major banks: Commercial Bank, Agricultural Bank, Bank of China, and China Construction Bank. All 4 banks rose moderately against a steep decline in the broader market.

Oppenheimer (NYSE:OPY) has announced plans to repurchase up to 675K shares of its stock in a buyback that is expected to continue indefinitely. The size of the repurchasement represents roughly 5% of all outstanding shares.

Greece’s central bank has activated a rescue fund to nationalize Proton Bank, now being proved for money-laundering. Proton is the first bank to be rescued under the Financial Stability Fund.

Don’t Miss: China’s Debt Load Threatens Economic Slowdown

BNP Paribas and Societe Generale, France’s two largest lenders, are denying a report that they might look to raise a combined 11 billion euros as part of a wider EU bank recapitalization plan. Both banks say they will be able to reach Basel II targets without raising more capital.