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Belgium's KBC to sell 5 pct of share capital through placement
October 15, 2012 / 8:16 PM / 5 years ago

Belgium's KBC to sell 5 pct of share capital through placement

BRUSSELS, Oct 15 (Reuters) - 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 state aid.

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 2012.

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)

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