KBC reportedly suspends plans to list minority stake in Czech CSOB bank.

By bne IntelliNews March 17, 2011
Belgian banking and insurance group KBC has reportedly suspended its plans to list a minority stake of its Czech banking subsidiary CSOB on the Prague Stock Exchange in March, Lidove Noviny daily reported quoting an unnamed source familiar with the issue. The Belgian financial group has not commented on the news. As we have earlier informed, KBC initially planned to float 30-40% of CSOB shares. The move follows a request of the European Commission to sell part of the bank in order to get EU rescue funds of EUR 7bn. We note that KBC said on March 15 it cancelled a EUR 1.35bn sale of its private banking arm to Indian group Hinduja after it failed to get regulatory approval for the sale. Under its divestment plan, KBC has already agreed the sale of its banking unit Centrea, its British brokerage Peel Hunt and its Asian derivatives unit.

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