KBC Securities Closes Acquisition of Baltic Investment Company (Latvia)
KBC has completed the acquisition of majority ownership (51%) of Baltic Investment Company (BIC). KBC announced on 2 July 2007 that it had reached agreement with the two owners of the company. BIC is headquartered in Riga and has offices in Latvia (Riga), Russia (Moscow), Ukraine (Kiev) and the Baltic States. Following the transaction, BIC will be renamed KBC Securities Baltic Investment Company. The Ukrainian subsidiary of BIC has been renamed KBC Securities Ukraine. By acquiring the majority stake in BIC, KBC Securities hopes to consolidate its position in the region and create a platform to expand into the Russian, Ukrainian and Baltic markets.