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31 July 2012

A new era dawns for KBL epb which today announces the closing of its acquisition by Precision Capital 

KBC Group ("KBC") and Precision Capital today finalised their agreement on the sale, announced last October, of KBL European Private Bankers ("KBL epb"), after receiving authorization from the supervisory authorities concerned. This agreement, for a total consideration of approximately € 1 billion, guarantees Precision Capital a 99.9% interest in KBL epb. Precision Capital is a Luxembourg based company governed by Luxembourg law. It represents the interests of a group of prominent Qatari private investors.

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Due to its very high solvency – a core Tier 1 ratio of 16.5%, a 21.1% Loan-to-Deposit ratio and a substantial cash surplus of over € 3 billion – KBL epb is proving to be a high-potential acquisition for Precision Capital. KBL epb will retain its name and the agreement signed between KBC and Precision Capital guarantees that the KBL management team and operational structures will be maintained. KBL epb remains one of the rare international banking groups to be headquartered in Luxembourg.

Jacques Peters, CEO of KBL epb : “The new shareholder is committed to supporting our customer-driven business model and strategy over the long-term. These are major assets in their eyes and it was important for us to see our group’s strong points and potential judged at their fair value.”

George Nasra, the CEO of Precision Capital: "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."

The acquisition opens up major growth perspectives for the company, both on its European markets and in Asia and the Middle East. Precision Capital will in particular support KBL epb in implementing a large recruitment campaign allowing it to strengthen its high level of excellent client service. The new owner will be able to ensure the organic growth of KBL epb and is also ready to seize strategic opportunities for external growth in Europe. Precision Capital’s strong links with the Middle East will speed up KBL epb’s expansion into this new region.

“We are very pleased with the conclusion of this transaction and the great opportunities that it represents for KBL epb.” explains Jacques Peters. “Thanks to the support of this new shareholder, we are strengthening our stability and our unique business model based on a network of local private bankers. We will continue to provide our existing clients with the high quality service which they are used to and we are ready to bring this specific approach to new clients on new booming markets.”