KBC sells German unit to several investors
BRUSSELS, Sept 24
BRUSSELS, Sept 24 (Reuters) - Belgian financial services group KBC has agreed the sale of German unit KBC Deutschland, one of the final divestments needed to satisfy EU regulators after it received state aid during the financial crisis.
KBC said in a statement on Tuesday it had sold the business to several investors including affiliates of Teacher Retirement System of Texas, Apollo Global Management, LLC, Apollo Commercial Real Estate Finance, Inc. and Grovepoint Capital LLP.
The sale of the unit specialising in corporate banking and financial services for medium-sized German companies would free up about 0.1 billion euros ($135 million) of capital for KBC, with no material impact on financial results.
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