Belgium's KBC buys out Slovak bank for 484 million euros

15th December 2009, Comments 0 comments

Belgian bank KBC said on Monday it had increased its stake in Slovak lender CSOB to 100-percent in a 484-million-euro takeover deal.

BRUSSELS - "KBC Bank NV acquires the outstanding 49.54 percent stake in CSOB Slovakia," the Belgian company said in a statement.

KBC said the takeover was part of "its internal streamlining".

KBC was one of the European banks worst hit by the financial crisis and has so far received 27 billion euros (39.5 billion dollars) of rescue aid from the Belgian state.

The European Commission has approved restructuring plans for KBC under which the struggling company will be forced to sell off several non-core assets.

In its statement on Monday, KBC said: "This transaction does not have any impact on the financial position of KBC Group on a consolidated basis."


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