Belgium-based KBC Asset Management has agreed to sell 100% of the stake in its Polish subsidiary KBC TFI to PKO Bank Polski (PKO BP).
Financial details about the transaction were not disclosed. PKO BP, the state-run bank in Poland will acquire KBC TFI through its fully owned subsidiary.
According to KBC Group, the deal is well within its strategy, which focuses on retail clients, small and medium sized enterprises and midcaps in its core markets in Belgium, the Czech Republic, Slovakia, Hungary, Bulgaria and Ireland.
The deal will not make significant difference to its results, state KBC.
KBC Group CEO Johan Thijs said: “We welcome today’s agreement with PKO Bank Polski. The deal fits in perfectly with our strategy. We are convinced that, with the support of its new shareholder, KBC TFI will be able to successfully continue developing its Polish activities, and that will also benefit KBC TFI’s clients.”
The deal is subject to approval from the Polish Competition Authority and Polish Financial Supervision Commission. The deal is expected to be closed in next year’s first quarter.
KBC Asset Management chairman Luc Popelier said: “This agreement will result in a win-win situation for both KBC TFI and PKO Bank Polski. KBC TFI has been a longstanding contributor to the performance of KBC Asset Management and we are pleased to say that, in PKO Bank Polski, we have found a group that will ensure continuity for KBC TFI’s clients.”
In June, KBC had completed the acquisition of United Bulgarian Bank and Interlease from the National Bank of Greece for €610m.
The acquisition was expected to enable KBC to become active in leasing, asset management and factoring in Bulgaria, providing its clients a full range of financial services.
Image: PKO Bank Polski to buy KBC TFI from KBC Group. Photo: Courtesy of Adrian Sklodowski/Wikipedia.