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KBC to pay back regional aid after solves loans issue
July 3, 2013 / 6:02 AM / 4 years ago

KBC to pay back regional aid after solves loans issue

BRUSSELS, July 3 (Reuters) - Belgian lender KBC said on Wednesday it will pay back part of the regional aid it received during the financial crisis, just a day after it announced the payment would be delayed due to an issue with loans to shareholders.

The Belgian regulator had said KBC must transfer part of the loans made to shareholders Cera and KBC Ancora to other financial institutions before it is allowed to pay back the regional aid.

KBC said it has now reached a deal to transfer loans worth 300 million euros ($391.04 million) made to KBC Ancora to another financial institution, clearing the way for it to pay back 1.17 billion euros of state aid to the Flemish region. ($1 = 0.7672 euros) (Reporting By Ben Deighton, Editing by Ethan Bilby)

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