More NewsKBC Sells Off Units to Focus on Bancassurance Expertise in Home Markets

KBC Sells Off Units to Focus on Bancassurance Expertise in Home Markets

KBC has announced the sale of two ‘non-core’ business units to fulfil its November pledge to focus on its core bancassurance expertise in its home markets (in Belgium and central and eastern Europe) and further reduce the risk profile of the group.

Daiwa Capital Markets will acquire KBC Group’s Global Convertible Bond and Asian Equity Derivatives businesses for a total consideration of approximately US$1bn. The closing of the transaction is subject to regulatory approval and is expected to be completed by early in the fourth quarter of 2010. In the Asia-Pacific region KBC Bank will continue to concentrate on corporate banking including lending, trade finance and treasury sales for core clients with links to KBC’s home markets in Europe.

Australia’s QBE Insurance Group will acquire the reinsurance company Secura NV from KBC Group for a consideration of €267m, plus gains to be realised on the investment portfolio and earnings for the year 2010 until completion. The transaction is expected to close in the third quarter of this year.

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