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KBC closes Centea sale to Landbouwkrediet.

(SeeNews) - Jul 5, 2011 - Belgian financial services group KBC (EBR:KBC) announced the completion of the sale of its savings bank Centea to Landbouwkrediet, the Belgian unit of French bank Credit Agricole (EPA:ACA), for EUR 527 million (USD 762.4m).

KBC, which will also receive a dividend of EUR 66 million from Centea for fiscal 2010, said the deal is part of its strategic refocusing plan that was announced at the end of 2009.

Besides, the transaction will free up capital of some EUR 400 million, primarily by reducing risk-weighted assets by EUR 4.2 billion, which will boost KBC's tier-1 ratio by about 0.4%.

(EUR 1.0 = USD 1.447)
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Publication:ADP News Belgium
Date:Jul 5, 2011
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