BRUSSELS, Sept 24 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
KBC said in a statement on Tuesday it had agreed to sell 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, which provides corporate banking and
financial services to medium-sized German companies, would free
up about 100 million euros ($135 million) of capital for KBC,
with no material impact on financial results.
The divestment, which is subject to regulatory approval, is
part of a plan drawn up by the European Commission to refocus
the bank's activities on retail to mid-cap markets and reduce
The bank received 7 billion euros of state aid at the height
of the financial crisis as part of a programme imposed by the
European Union executive. As part of that plan, Antwerp Diamond
Bank is now the group's only remaining asset to be sold.