Belgian multi-channel bank KBC Group NV (KBCSF.PK) announced Friday that it agreed to sell its banking entity in Serbia, KBC Banka, to Société Générale Srbija and Telenor Serbia.
As per the agreement, Telenor will purchase 100% of KBC Banka's shares, while Société Générale Srbija will acquire KBC Banka's key assets and deposits.
All the parties involved agreed not to disclose any financial details of the transaction.
However, For KBC, the transaction will have an impact on earnings of an estimated -47 million euros(-17 million euros of which recorded in the first-quarter 2013), largely offset by another capital release of an estimated 42 million euros, resulting in a negligible total capital release. KBC stated that the agreement marks its exit from the Serbian banking market.
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