KBC Group and KBC Peel Hunt have reached agreement on a buy-out of KBC Peel Hunt for a total consideration of £74m. This deal has been supported by KBC Peel Hunt staff and backed by a group of external investors.
The rationale is part of KBC Group’s decision to focus on its core strategy of providing bancassurance services to retail, small and medium-sized enterprise (SME) and midcap customers in its core markets (Belgium and central and eastern Europe). Within this context, KBC Peel Hunt was no longer deemed a part of the KBC Group going forward. The transaction is still subject to regulatory approval and is expected to be completed in the next few months.
Luc Popelier, chief executive officer (CEO) of KBC Group’s Market Activities, said: “I am pleased that we have succeeded in finding a suitable and promising solution for KBC Peel Hunt. The agreement announced today marks another step in the implementation of KBC’s strategy, which focuses on its core markets and customers and on a reduced risk profile. At the same time, today’s agreement provides KBC Peel Hunt with a new and stable environment, which will be beneficial to all its stakeholders. We are convinced that KBC Peel Hunt’s management will succeed in further developing their business, fully valuing staff competence and know-how while maintaining customer service at an excellent level.”
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