KBC Confirms Final Terms of Core Capital Issue
KBC announced on 27 October its intention to issue €3.5bn worth of core capital securities to the Belgian State. On 5 November, the Inner Cabinet agreed with the fine-tuning of some technical features of the transaction agreed between KBC and the Belgian State. The transaction is expected to be closed before the end of the year. The highlights of the announcement include:
André Bergen, KBC’s Group CEO, said: “As previously announced, KBC will further strengthen its capital base by issuing €3.5bn worth of core-capital securities to be subscribed to by the Belgian State. Today, we are happy to reconfirm this transaction. We have also agreed with the Belgian State representatives on a number of features which will improve the structure of the transaction for both parties.”
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