BRUSSELS Oct 15 Belgian banking and insurance
group KBC said on Monday it planned to sell its
treasury shares through a private placement with institutions,
part of its agreement with European regulators after it received
KBC, which took 7 billion euros ($9.06 billion) from Belgium
and the region of Flanders during the 2008-2009 financial
crisis, said it would sell its 18.2 million treasury shares,
which represent 5.1 percent of its share capital.
Based on Monday's closing price of 20.20 euros, they would
be worth 368 million euros.
KBC still needs to repay 4.17 billion euros of principal,
plus penalties, by the end of 2013, having already paid 500
million euros of principal in December. KBC said earlier this
month it aimed to pay a significant part of this by the end of
The treasury share sale was one of the measures, including
asset sales, announced in November 2009 to boost capital.
($1 = 0.7730 euros)
(Reporting by Philip Blenkinsop; Editing by Dan Grebler)