KBC group said Tuesday that it finalised the sale of its private banking subsidiary KBL European Private Bankers to Precision Capital S.A. for a total consideration of about EUR 1 billion.
The deal was announced on October 10, 2011.
The sale is expected to release a substantial amount of capital, about EUR 0.7 billion, for KBC, increasing its tier-1 ratio by 0.7 %.
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 United Kingdom.
KBC said it will continue to offer private banking services in Belgium and Central and Eastern Europe through its KBC-branded private banking businesses.
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