Belgian multi-channel bank KBC Group NV (KBCSF.PK) announced that KBC Bank NV placed its 16.2% participation in Bank Zachodni WBK through a secondary offering. The bookbuilding process started on March 18 and was reserved for eligible institutional investors. The sale of KBC's 15 125 964 shares offered at the final offer price of 245 PLN per one offer share led to proceeds of 3.71 billion PLN for KBC and strengthens its already solid solvency position with 0.6%.
As a result, the company's tier-1 capital ratio would total 14.7% on a pro forma basis. Both KBC and Santander, as selling shareholders, have granted a reverse greenshoe option of up to 10% of the final offering size for stabilisation purposes, with Deutsche Bank AG, London Branch appointed to act as the stabilising manager on behalf of the underwriters.
Following the closure, KBC and Santander would each be locked-up for a period of 90 days and BZ WBK would be locked-up for a period of 180 days, subject to certain exemptions. According to the company, this share transaction marks the closure of KBC's sale of Kredyt Bank and the end of the group's banking presence in Poland. The divestment frees up 1.0 billion euros worth of capital for KBC under Basel II, of which nearly 0.6 billion euros in the first quarter of 2013.
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