Key Developments: KBC Group (KBC.BR)

KBC.BR on Brussels Stock Exchange

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30 Apr 2015
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Latest Key Developments (Source: Significant Developments)

SEGRO Plc Buys Out KBC Groupe SA's KBC Real Estate For EUR33.2 Million
Wednesday, 4 Sep 2013 02:00am EDT 

SEGRO Plc announced that it has bought out KBC Groupe SA's KBC Real Estate (KBC) 50% stake in its Belgian logistics property joint venture for a total consideration of EUR33.2 million (GBP28.1 million). SEGRO's joint venture with KBC consisted of two logistics assets total ling 92,000 sq m of built space; one at Bornem for 30,000 sq m where the occupiers are DHL and two distributors of medical supplies, Alcon and Pharma Distri Center, and the other at Rumst where 62,000 sq m is occupied by Cummins.  Full Article

KBC Groupe SA Raises EUR 750 Million Through Issuance Of Mortgage Bonds-Tijd
Friday, 23 Aug 2013 06:39am EDT 

De Tijd reported that KBC Groupe SA has raised EUR 750 million through the issuance of mortgage bonds. These are bonds backed by Belgian mortgage loans. The lead managers of the issuance are the Company, Commerzbank, Deutsche Bank, ING and Unicredit.  Full Article

KBC Groupe SA's KBC Bank Faces Reconsideration of Contributory Negligence Charges-The Irish Times
Wednesday, 26 Jun 2013 08:00pm EDT 

The Irish Times reported that the Irish Supreme Court has ruled the High Court must reconsider its dismissal of contributory negligence by KBC Groupe SA's KBC Bank over multimillion losses suffered by it after a property developer and struck-off solicitor Thomas Byrne defaulted on EUR 25 million in loans. Contributory negligence may be established on evidence a bank failed to manage its business in accordance with sound administrative and accounting principles as required by EU regulations on the licensing and supervision of credit institutions, the court said. KBC Bank was last year awarded EUR 17.7 million damages against Dublin law firm BCM Hanby Wallace (now Byrne Wallace) after the High Court found "egregious" negligence by the firm in ensuring KBC had security for the loans. The bank sought security on 30 properties and got it on three, and the court found "multiple failures" by the firm repeated across four loan transactions.The solicitors claimed the effective cause of the bank's loss was its own failure to assess the borrowers and to supervise loan transactions. BCM appealed the rejection of contributory negligence by KBC but not the substantive finding of negligence against it.  Full Article

KBC Groupe SA Faces Fraud Charges in France-Le Figaro
Thursday, 30 May 2013 08:00pm EDT 

Le Figaro reported that the state prosecutor in France is initiating legal proceedings against KBC Groupe SA. According to Le Figaro, the Company faces a charge of fraud relating to the sale of structured products to Shanti Asset Management in 2006. Shanti Asset Management claims that the Company broke a promise in its sales documentation to replace defaulting assets which were part of the products with healthier ones at no extra charge. KBC Groupe SA argues that this promise was not a legal obligation and did not form part of the contract signed by Shanti Asset Management.  Full Article

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.  Full Article

BRIEF-KBC takes all 2014 profit from Czech CSOB in dividend

* Approves taking CZK 13.21 billion dividend from Czech subsidiary CSOB 2014 profit, filing with Czech central bank says Further company coverage: (Reporting By Jan Lopatka)

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