The Belgian KBC sells its products in Asia for $ 1 billion
Posted by adminThe Belgian bank insurer KBC sold its derivatives in Asia for about $ one billion, as part of restructuring promised in exchange for public assistance received during the crisis.
The buyer of Global Convertible Bond and Asian Equity Derivatives is Daiwa Capital Markets, the investment banking arm of Daiwa Securities of Japan.
The transaction will result in a strengthening of the capital of KBC and an increase of ten basis points from its Tier One ratio of liabilities to equity reported "hard".
The group, which received seven billion euros in state aid during the crisis, has agreed, in agreement with the European Commission to reduce its risky assets of 39 billion euros between 2008 and 2013, mainly by reducing its activities on financial markets and corporate lending internationally.
For its part, Daiwa seeks to develop its activities in Asia to take advantage of growth in the region after reducing its alliance in investment banking business with the Japanese bank Sumitomo Mitsui Financial Group.
KBC also said Monday it had sold to the Australian insurer QBE Insurance Secura its reinsurance subsidiary based in Brussels for 267 million euros.
QBE has made over 75 acquisitions over the last ten years to be present in 47 countries.
In May, KBC has raised 1.35 billion euros by selling its private banking arm KBL European Private Bankers to the Indian company Hinduja Group.
KBC closed the business in Japan in March. Analysts, traders and sellers of office of KBC in Tokyo have been committed by BNP Paribas.