Franco-Belgian financial services group Dexia is analysing its insurance and fund management units as part of a review of the entire group, according to Reuters, quoting Belgian business daily De Standaard.

The move could lead to the sale of parts of these businesses, but a Dexia spokeswoman said the study had not been completed and could not say when the results would be made public, the news service said.

The group includes a private banking operation and it was not clear from the media reports whether this business will be affected. Dexia did not immediately reply to WealthBriefing on the matter.

Dexia, which received a €6.4 billion ($8.9 billion) bailout by France, Belgium, Luxembourg and key shareholders in September, has already carried out a series of restructuring measures and set a €600 million cost saving target.

In the fund management business, some smaller offices have already closed. De Standaard said a restructuring was likely to affect the major operations in Brussels and Paris.