KBC Securities, the brokerage/equity unit of Belgium-based KBC Groep, has completed the management buy-out of its Latvia based subsidiary KBC Securities Baltic Investment Company (KBCS BIC) with the managing directors Andrei Zadornov and Kirill Jurzditsky.

According to KBC Securities, the 41 staff currently employed with KBCS BIC and its subsidiaries will remain with the company. The investor customers will continue to receive the same professional service as they did in the past and will not be affected by the buy-out.

KBC Securities also said that Mr Zadornov and Mr Jurzditsky will remain fully involved the business as they have been since last several years.

In 2007, KBC Securities acquired a 51% stake in the Latvian corporate finance specialist Baltic Investment Company, which was later renamed KBC Securities Baltic Investment Company.

Baltic Investment Company was founded in 1999 in Riga (Latvia) and currently employs 41 people in its three offices in Kiev, Riga and Moscow. KBCS BIC offers services in the Baltic States, Russia and Ukraine.