KBC sells private banking arm 10 October 2011Brussels Reporter: Anna Reitman
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Precision Capital has acquired KBC Group's private banking subsidiary, KBL epb, for €1.05 billion.
The transaction comprises the sale of KBC’s entire interest in KBL epb and includes all the private
banking subsidiaries as well as the custody and life insurance businesses of KBL epb. The business spans nine European countries and has some €47 billion AUM, €38.2 billion of AUC and, through a majority stake in European Fund Administration (EFA), AUA of €87.5 billion.
Precision Capital is a Luxembourg entity representing the interests of a Qatari investor. The deal is expected to close in the first quarter of 2012.
Jan Vanhevel, KBC Group CEO says, "The least we can say is that the market circumstances of the last
few months have been particularly challenging...This agreement marks a crucial step in implementing our refocus strategy, while at the same time providing continuity, stability and certainty to the customers and staff of KBL epb."
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