KBC Group: KBC completes the sale of Absolut Bank
(Thomson Reuters ONE) -
Press Release
Outside trading hours - Regulated information*
Brussels, 24 May 2013
Today, KBC Group is pleased to announce the completion of the deal announced on
24 December 2012, whereby KBC would sell its Russian banking business Absolut
Bank to a group of Russian companies that manage the assets of the second
largest non-state pension fund in Russia, Blagosostoyanie.
The total consideration amounts to 0.3 billion euros. In addition, Absolut Bank
repaid the entire 0.7 billion euros of KBC intercompany funding by refinancing
it with other capital market transactions in the period between signing and
closing the deal.
It will have a negative impact of about -0.1 billion euros on KBC's consolidated
2Q13 results, but not on its capital account since - technically speaking - this
relates primarily to foreign exchange differences that have already been
absorbed in KBC's capital base. The deal frees up a total of 0.3 billion euros
of capital for KBC (0.2 billion euros of which in 2Q13), chiefly by reducing
risk-weighted assets by 2 billion euros, and ultimately improving KBC's tier-1
ratio by around 0.4% (0.3% of which in 2Q13).
KBC is now no longer present on the Russian banking market and, therefore, is
fully compliant with the agreement made in November 2009 with the European
Commission to divest Absolut Bank.
Johan Thijs, CEO of KBC Group NV commented on the deal as follows: 'I am happy
to announce that the sale of Absolut Bank has been completed. This deal is a
major step in the implementation of our updated strategy to focus on our core
bancassurance business in our home markets in Belgium and Central and Eastern
Europe (Czech Republic, Slovakia, Hungary, Bulgaria). It is a recognition of
Absolut Bank's experience and expertise, and will provide continuity to its
staff and customers. I would like to thank all of Absolut Bank's management and
staff - with whom we have had a successful working relationship for several
years - for their commitment and effort, and wish them every success in their
future careers.'
Note for the editors:
About Blagosostoyanie (www.npfb.ru)
The Non-State Pension Fund Blagosostoyanie was founded in 1996. It is the second
largest Non-State Pension Fund in the Russian Federation and is active in the
field of non-state pension provision and mandatory pension insurance in 80
regions of Russia. Based in Moscow, it has own assets amounting to 6.5 billion
euros and boasts 2.9 million customers. It has achieved continuous growth in
customers, pension savings and reserves.
About KBC (www.kbc.com)
KBC is an integrated multi-channel bancassurance group, catering mainly for
retail, SME and local midcap customers. It concentrates on its home markets of
Belgium and certain countries in Central and Eastern Europe (Czech Republic,
Slovakia, Bulgaria and Hungary). Elsewhere around the globe, the group has
established a presence in selected countries and regions.
KBC provides banking, insurance and asset management products and services via
its integrated distribution channel consisting of bank branches, insurance
agents and brokers and the Internet. KBC's headquarters are located in Brussels
(Belgium), the heart of Europe. The group employs more than 37 000 FTEs. KBC is
listed on NYSE Euronext Brussels (ticker symbol 'KBC').
About Absolut Bank (www.absolutbank.com)
Absolut Bank, a full-service bank founded in 1993, is successfully developing in
the 15 largest regions of Russia. It is among the TOP-45 largest Russian banks
by net assets (RBC Rating), and among the TOP-10 banks by size of mortgage
portfolio (RBC Rating). At 1 January 2013, the bank's equity amounted to 17.7
billion roubles and profit to 1.2 billion roubles, while the capital adequacy
ratio N1 came to 17.96 % at 1 January 2013 (RAS ratio). The bank's key
strategies are to provide high-quality service, to diversify its customer base,
to continuously monitor the quality of the loan portfolio, and to adopt a
conservative approach towards risk management. The bank employs nearly 3 000
employees, who serve more than 140 000 customers.
For more information, please contact:
Wim Allegaert, General Manager, Investor Relations, KBC Group
Tel +32 2 429 50 51 - E-mail: wim.allegaert(at)kbc.be
Viviane Huybrecht, General Manager, Corporate Communication/Spokesperson, KBC
Group
Tel +32 2 429 85 45 - E-mail: pressofficekbc(at)kbc.be
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KBC Group NV
Havenlaan 2 - 1080 Brussels Press Office KBC press releases are
Viviane Huybrecht Tel. +32 2 429 65 01 available at www.kbc.com
General Manager Tel. +32 2 429 29 15 or can be obtained by
Corporate Fax +32 2 429 81 60 sending an e-mail to
Communication/Spokesperson E-mail: pressofficekbc(at)kbc.be
Tel. +32 2 429 85 45 pressofficekbc(at)kbc.be Follow us on
www.twitter.com/kbc_group
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Absolut_Bank_closing_en.pdf:
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Source: KBC Groep via Thomson Reuters ONE
[HUG#1704602]
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Datum: 24.05.2013 - 18:01 Uhr
Sprache: Deutsch
News-ID 263387
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