KBC group closes the sale to Precision Capital of its private banking subsidiary KBL epb
(Thomson Reuters ONE) -
Regulated information* - 31 July 2012 (17.45 pm CEST)
KBC group closes the sale to Precision Capital of its private banking subsidiary
KBL epb
Today, KBC group ("KBC") finalised the sale, announced on 10 October 2011, of
its private banking subsidiary KBL European Private Bankers ("KBL epb") to
Precision Capital S.A. ("Precision Capital") for a total consideration of
approximately EUR 1 billion. The sale is expected to release a substantial
amount of capital (approximately EUR 0.7 billion) for KBC, increasing its tier-
1 ratio by 0.7 %.
KBL epb is one of Europe's largest onshore private banking groups with
affiliated local banks in numerous locations across nine European countries:
Belgium, France, Germany, Luxembourg, Monaco, the Netherlands, Spain,
Switzerland and the United Kingdom.
Johan Thijs, KBC Group CEO:"I am happy to announce that KBC has finalised the
sale of KBL epb to Precision Capital. This transaction is a major step in the
implementation of our updated strategy of focusing on our core bancassurance
business in our home markets in Belgium and Central and Eastern Europe (Czech
Republic, Slovakia, Hungary, Bulgaria). I am convinced that Precision Capital is
ideally placed to further develop the business of KBL epb. I would like to thank
all KBL epb's management and staff - with whom we have had a successful working
relationship for many years - for their commitment and effort over the years and
wish them every success in their future careers.
KBC will continue to offer private banking services in its home markets in
Belgium and Central and Eastern Europe through its KBC-branded private banking
businesses."
George Nasra, the CEO of Precision Capital: "I am very pleased with our
acquisition of KBL epb, a solid, solvent and well-established European banking
group. We are going to support its development, not only in the European markets
in which its reputation for excellence is already well known, but outside Europe
as well.
Our commitment to KBL epb, its clients and staff is a long-term proposition. We
will preserve and promote the group's entrepreneurial spirit - a hallmark of its
unique business model. I am confident that KBL epb's management and staff, who
have always demonstrated great competence and dynamism, will continue to build
on these strengths for our future success."
Jacques Peters, KBL epb CEO: "I am very pleased with the conclusion of this
agreement and the significant opportunities it represents for KBL epb. With the
support of Precision Capital, we are strengthening our stability and our unique
business model based on a network of local private banks. While looking to offer
our specific approach to new customers in emerging markets, we will continue to
safeguard the future of our staff and to provide our existing customers with the
quality service they are accustomed to. The support of Precision Capital will
enable us to reinforce our strong competitive edge in the dynamic and demanding
international private banking market."
For further information please contact:
KBC Group:
Wim Allegaert, General Manager, Investor Relations, KBC Group
Tel 32 2 429 40 51 E-mail wim.allegaert(at)kbc.be
Viviane Huybrecht, General Manager, Group Communications/Spokesperson, KBC Group
Tel 32 2 429 85 45 E-mail pressofficekbc(at)kbc.be
Note for the editors:
About KBL epb
KBL epb operates a unique private banking business model focused on local client
service supported by centralised operations. This model has resulted in the
global-hub concept based in Luxembourg with control functions such as audit,
compliance and risk management.
KBL epb operates some of the strongest brands in leading European markets:
· Brown Shipley & Co in the United Kingdom
· KBL epb España
· KBL epb Luxembourg
· KBL epb Monaco
· KBL epb Richelieu Banque Privée in France
· KBL epb Switzerland
· Merck Finck & Co in Germany
· Puilaetco Dewaay in Belgium
· Puilaetco Dewaay Luxembourg
· Theodoor Gilissen Bankiers in the Netherlands
· Luxembourg-based life insurance subsidiary VITIS Life.
The group employs 2 339 staff (end of 2011), approximately 400 of whom are
private bankers.
About KBC
On 18 November 2009, KBC announced its updated strategy of focusing on its core
bancassurance expertise in its home markets (in Belgium and Central Europe) and
further reducing the risk profile of the group.
As part of this updated strategy, the group announced its intention to
deconsolidate the activities of the European Private Banking Business Unit,
which operated with commercial autonomy and had lower-than-average synergies
with the bancassurance activities of the group. The announcement today
represents the implementation of a major element of the strategic plan presented
in November 2009.
KBC will continue to offer private banking services in Belgium and Central and
Eastern Europe through its KBC-branded private banking businesses.
* This news item contains information that is subject to the transparency
regulations for listed companies.
KBLepb_closing:
http://hugin.info/133947/R/1630647/522617.pdf
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Source: KBC Groep via Thomson Reuters ONE
[HUG#1630647]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2012 - 17:46 Uhr
Sprache: Deutsch
News-ID 170373
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Town:
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Kategorie:
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