KBC Acquires Full Ownership of Istrobanka
KBC and BAWAG P.S.K., the shareholder of Istrobanka, have reached agreement for KBC to acquire full ownership of Istrobanka, the 10th largest bank in terms of assets in Slovakia. The deal values the bank at €350m, 3.5 times its book value. KBC is already present in Slovakia through its subsidiary ?SOB, and the combination will result in the fourth largest banking operation in Slovakia, with a market share of approximately 10%. The deal is subject to regulatory approval by the Central Bank of Slovakia and the Anti-Trust Commission. KBC expects the deal to be closed during the third quarter of 2008 at the latest.