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KBC group closes sale of KBL epb to Precision Capital


KBC group has finalised the sale of its private banking subsidiary KBL European Private Bankers (KBL epb) to Precision Capital for a total consideration of approximately EUR1bn.

The sale is expected to release a substantial amount of capital (approximately EUR0.7bn) for KBC, increasing its tier-1 ratio by 0.7 per cent.

KBL epb is one of Europe’s largest onshore private banking groups with affiliated local banks in numerous locations across nine European countries: Belgium, France, Germany, Luxembourg, Monaco, the Netherlands, Spain, Switzerland and the UK.

Johan Thijs (pictured), KBC Group chief executive, says: "I am happy to announce that KBC has finalised the sale of KBL epb to Precision Capital. This transaction is a major step in the implementation of our updated strategy of focusing on our core bancassurance business in our home markets in Belgium and Central and Eastern Europe (Czech Republic, Slovakia, Hungary, Bulgaria). I am convinced that Precision Capital is ideally placed to further develop the business of KBL epb. I would like to thank all KBL epb’s management and staff – with whom we have had a successful working relationship for many years – for their commitment and effort over the years and wish them every success in their future careers."

George Nasra, the chief executive of Precision Capital, says: "I am very pleased with our acquisition of KBL epb, a solid, solvent and well-established European banking group. We are going to support its development, not only in the European markets in which its reputation for excellence is already well known, but outside Europe as well.
Our commitment to KBL epb, its clients and staff is a long-term proposition. We will preserve and promote the group’s entrepreneurial spirit – a hallmark of its unique business model. I am confident that KBL epb’s management and staff, who have always demonstrated great competence and dynamism, will continue to build on these strengths for our future success."

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