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United Kingdom Flanders authorities provide 2-billion-euro aid package for KBC
Published on 23/01/2009
BRUSSELS – Authorities in the Flanders region of Belgium have agreed to provide struggling bank KBC with 2.0 billion euros (2.6 billion dollars) in exchange for a non-voting stake in its capital, KBC said Thursday.
"The group is further strengthening its capital base by a two-billion-euro non-dilutive core capital issue to be subscribed by the Flemish regional government," KBC said in a statement.
"An addition, a stand-by core capital facility of 1.5 billion euros is also being provided," it said.
(AFP/Expatica)