More NewsEC Approves KBC Group’s Amendments to 2009 Plan

EC Approves KBC Group's Amendments to 2009 Plan

KBC Group has received approval from the European Commission (EC) to amend its 2009 strategic plan and to divest its banking (Kredyt Bank) and insurance activities (Warta) in Poland and sell or unwind selected asset backed security (ABS) and collateralised debt obligation (CDO) assets, instead of floating minority stakes of CSOB Bank (Czech Republic) and of K&H Bank (Hungary) and selling and leasing back its headquarter offices in Belgium.

Jan Vanhevel, KBC Group chief executive officer (CEO), welcomed this decision: “KBC prepared the application with great diligence following an open and constructive dialogue with the EC. We are grateful to the EC and to the Belgian authorities for considering the changed (regulatory) environment with which we were confronted and which prompted us to proactively propose alternative measures. The new measures are expected to release the same amount of capital as the originally intended measures and will help us to repay the state aid in a timely manner as agreed with the EC, without jeopardising the fundamentals of our strategy.”

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha