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KBC sells minority stake in Bank Zachodni WBK
March 22, 2013 / 7:16 AM / 5 years ago

KBC sells minority stake in Bank Zachodni WBK

BRUSSELS, March 22 (Reuters) - Belgian financial group KBC said on Friday that it had sold its 16.17 percent stake in Polish group Bank Zachodni WBK at 245 Polish zloty ($75.64) per share to institutional investors.

The group said the proceeds from the sale were 3.71 billion zloty, which would raise its tier-1 capital ratio to 14.7 percent on a pro forma basis.

The stake in the Polish bank was part of a deal to sell KBC’s Polish unit Kredyt Bank to Santander, which merged Kredyt Bank with BZ WBK. ($1 = 3.2392 Polish zlotys) (Reporting by Robert-Jan Bartunek, editing by Barbara Lewis)

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