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KBC Groupe SA Completes Sale Of Absolut Bank-Hugin


Friday, 24 May 2013 12:01pm EDT 

Hugin reported that KBC Groupe SA has completed the deal announced on December 24, 2013, whereby the Company would sell its Russian banking business Absolut Bank to a group of Russian companies. The total consideration amounts to EUR 0.3 billion. In addition, Absolut Bank repaid the entire EUR 0.7 billion of KBC inter company funding by refinancing it with other capital market transactions in the period between signing and closing the deal. 

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