KBC Groupe SA Announces Sale of KBC Bank Deutschland AG
KBC Groupe SA (KBC) announced it has reached an agreement to sell KBC Bank Deutschland AG, a wholly-owned subsidiary of KBC Bank NV, to several investors including affiliates of Teacher Retirement System of Texas (TRS), Apollo Global Management, LLC, Apollo Commercial Real Estate Finance, Inc., and Grovepoint Capital LLP. The transaction is subject to antitrust and regulatory approval. This deal will free up around EUR 0.1 billion of capital for KBC, primarily by reducing risk-weighted assets and will have no material impact on KBC's financial results. This will result in an improvement of KBC's solvency position with roughly 15bp.
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