KBC and BAWAG P.S.K., the shareholder of Istrobanka, have reached agreement for KBC to acquire full ownership of Istrobanka, the 10th largest bank in terms of assets in Slovakia. The deal values the bank at €350m, 3.5 times its book value. KBC is already present in Slovakia through its subsidiary ?SOB, and the combination will result in the fourth largest banking operation in Slovakia, with a market share of approximately 10%. The deal is subject to regulatory approval by the Central Bank of Slovakia and the Anti-Trust Commission. KBC expects the deal to be closed during the third quarter of 2008 at the latest.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.