KBC to float minority stake in Czech CSOB bank in March.

By bne IntelliNews February 16, 2011
Belgian banking and insurance group KBC plans to a list minority stake in its Czech subsidiary CSOB on the Prague Stock Exchange in March, Euro magazine reported citing a source close to the Belgian group. Originally the IPO was expected to be made in 2010. A KBC spokesperson said the IPO was still planned and underlined that KBC was waiting for a favourable opportunity to float the shares, adding that no specific timing was defined. As we have earlier reported, 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. The Belgian financial group has not commented on the issue. CSOB consolidated net profit fell by 22.4% y/y to CZK 13.5bn (EUR 532.7mn) in 2010, while adjusted for one-off, extraordinary influences, the net profit increased by 24.1% y/y to CZK 13bn.

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