KBC agrees sale of Belgian insurance arm 17 October 2011Brussels Reporter: Anna Reitman
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KBC has announced an agreement with JC Flowers & Co for the sales of its subsidiary, Fidea, for €243.6 million.
With this transaction, Fidea will become part of an international well-established private equity group specialising in the financial services sector.
KBC will continue to provide banking and insurance services under the KBC brand name in Flanders and Brussels through its remaining network.
The group is making this move to free up capital by reducing risk-weighted assets - the net positive effect on the financial services group's tier one ratio is expected to be some 0.1 per cent.
The deal is expected to close in the first quarter 2012 and follows an announcement of the sale of KBC's private banking arm to Precision Capital, representing Qatari interests.
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