ABBL: Precision Capital acquires KBL epb, KBC's private banking subsidiary

10 October 2011

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 €1,050 billion, €50 million of which depend on the results of KBL epb ('conditional earn out').

Jan Vanhevel, KBC Group CEO: "This agreement marks a crucial step in implementing our refocus strategy, while at the same time providing continuity, stability and certainty to the customers and staff of KBL epb. The agreement will allow KBC to release a significant amount of capital, to reduce our risk profile and to strengthen further our focus on the core bancassurance expertise and markets of Belgium and Central and Eastern Europe."

Jacques Peters, KBL epb CEO: "We are pleased with the agreement which has been signed and which allows us to end this period of uncertainty. We can now look to the future with more confidence. Precision Capital will be for us a leading partner who is committed to supporting our customer-driven business model and strategy with a long-term perspective. With Precision Capital, we will be able to work closely together with the aim of tapping into new markets, in particular in the Middle East and Asia."

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