KBC expects KBL sale to attract many bidders - report.
The sale of KBL was among the conditions imposed by the European Commission in exchange for approval for the state aid received by the company during the financial crisis.
A previous agreement with Indian investment group Hinduja to sell the unit for EUR 1.35 billion (USD 1.96bn) fell through as it did not get clearance from the Luxembourg's financial regulator.
The new bidding round had to be a history already according to initial plans but a number of candidates have requested more time to prepare for the procedure. French bank Societe Generale (EPA:GLE), Swiss Julius Baer (VTX:BAER), Royal Bank of Canada (TSE:RY) and US private equity firm Kohlberg Kravis Roberts & Co (KKR) are said to be among the parties interested in buying KBL.
Luxembourg-based KBL has 2,500 employees and EUR 47 billion in assets under management.
(EUR 1 = USD 1.452)
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|Publication:||ADP News Belgium|
|Date:||Jul 4, 2011|
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