Hinduja acquires KBC unit for $1.68 bn

Belgian banking and insurance group KBC said on Friday it had sold its private banking arm KBL to investment firm Hinduja for 1.35 billion euros ($1.68 billion). KBL European Private Bankers was put up for sale in the aftermath of the financial crisis, when KBC pledged the sale of private banking and a string of divestments in return for 7 billion euros it received in state aid. With this divestment, we are releasing a significant amount of capital and further strengthening the KBC group, with its focus on its core bancassurance expertise and markets, and with its reduced risk-profile, said ...

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