Belgian banking group KBC has wrapped up the sale of KBC Bank Deutschland to several investors linked to Teacher Retirement System (Texas), Apollo Global Management, Apollo Commercial Real Estate Finance and Grovepoint Capital.
The deal will free up some EUR0.1 billion of capital for KBC, primarily by reducing risk-weighted assets.
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KBC said that the sale will not have any material impact on its financial results, but will improve its solvency position by around 15 basis points.
The sale heralds end of divestment programme KBC agreed to undertake with the European Commission in 2009.
Johan Thijs, CEO of KBC Group, said: “KBC can now fully focus on achieving its aim of becoming one of the best-performing, retail financial institutions in Europe and also the reference in bank-insurance in its core markets.”
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