Printer Friendly

KBC expects KBL sale to attract many bidders - report.

(SeeNews) - Jul 4, 2011 - Belgian financial services group KBC (EBR:KBC) expects about dozen candidate buyers at the first bidding round for its KBL European Private Bankers unit, reported on Monday.

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)
COPYRIGHT 2011 AII Data Processing Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:ADP News Belgium
Date:Jul 4, 2011
Previous Article:Intervest buys two logistic sites in Belgium for EUR 35.8m.
Next Article:AB InBev invests EUR 20m in Belgian brewery - report.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters