The Franco-Belgian financial group DEXIA has announced a double operation in Spain. On the one hand, it is putting an end to its partnership with the bank ARGENTARIA within BANCO DE CREDITO LOCAL. To that end, BBVA, to have emerged from the merger between ARGENTARIA and BANCO BILBAO VIZCAYA, will take over the 40% held by DEXIA in BANCO DE CREDITO LOCAL for 406.3 million euro. On the other, the Belgian group is to create a joint-venture with the Catalan group BANCO SABADELL. Called DEXIA SABADELL BANCO LOCAL, DEXIA will have a majority 60% stake in the joint-venture with an initial capitalisation of 27.5 million euro. Finally, in Belgium, DEXIA has severed its ties with SMAP. DEXIA will thus take the 49% stake SMAP holds in the life-insurance companies MEGA LIFE and MEGA LIFE LUX, for 15 million euro. SMAP, for its part, will take the 49% stake DEXIA INSURANCE holds in MEGA, specialised in car, fire and civil liability insurance.