KBC to float minority stake in Czech unit in Warsaw, Prague in 2011 - Report.

By bne IntelliNews November 24, 2010
Belgian banking and insurance group KBC plans to a list minority stake of its Czech subsidiary CSOB on the Warsaw and Prague stock exchanges in 2011, Reuters reported citing three market sources. The move follows a requsts 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. As we have reported earlier, KBC initially planned to float 30-40% of CSOB shares. Experts believe that the IPO could take place in Q2 of 2011, following the announcement of 2010 results. CSOB posted a consolidated net profit of CZK 10.2bn (EUR 402.6mn) in Jan-Sep, up by 11.6% y/y.

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