Flanders authorities provide 2-billion-euro aid package for KBC

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)