The KBC Group's private banking business unit, KBL European Private Bankers, has entered an agreement to sell its subsidiary Banca KBL Fumagalli Soldan to the Spanish bank BANIF, a subsidiary of the Santander Group, for a purchase price in the region of E44 million.
The sale follows a thorough review of the current status of the business which concluded that Banca KBL, having a sub-optimal size, no longer fitted into its strategic plan.
KBL European Private Bankers (KBL epb) decided to concentrate on its private banking business on markets where its network of local subsidiaries already enjoys a significant presence.
KBL epb believes that the sale of Banca KBL will be a positive move for its subsidiary.
The transaction is subject to regulatory approval.