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10 October 2011

Precision Capital acquires KBL epb, KBC’s private banking subsidiary  

The KBC group (‘KBC‘) has reached an agreement with Precision Capital for the sale of its dedicated private banking subsidiary KBL European Private Bankers (‘KBL epb‘) for a total consideration of EUR 1.050 billion, EUR 50 million of which depend on the results of KBL epb (‘conditional earn out’).

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  • Precision Capital is a Luxembourg entity, a company representing the business interests of a Qatari investor.
  • 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.
  • As at 30 June 2011, KBL epb had assets under management of EUR 47 billion, assets under custody of EUR 38.2 billion (and, through a 51.13% stake in EFA, assets under administration of EUR 87.5 billion).
  • The transaction comprises the sale of KBC’s entire interest in KBL epb and includes all the private banking subsidiaries as well as the custody and life insurance businesses of KBL epb.
  • The KBL epb brand, management team and operations will be maintained in their entirety and KBL epb will continue to be headquartered in Luxembourg.
  • The closing of the transaction is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2012.
  • The transaction will release a total of approximately EUR 0.7 billion in capital for KBC, resulting in a 0.6 % increase in KBC’s tier-1 ratio. In addition, over the last 18 months, some EUR 115 million in capital have already been released as a result of a reduction in risk-weighted assets.
  • The transaction will have a negative impact of approximately EUR 0.4 billion on KBC’s third-quarter P&L. KBC will continue to offer private banking services in Belgium and Central and Eastern Europe through its KBC-branded private banking businesses.