Eubelius, Linklaters Rep KBC In $737M Centea Sale

Law360, New York (March 4, 2011, 3:25 PM EST) -- Belgian banking and insurance company KBC Group said Friday it is reluctantly selling its retail banking unit Centea to Credit Agricole for $737 million as part of a divestment and capital improvement strategy, at the request of the European Commission.

Credit Agricole Belgium and Centea, with its 615,000 private customers, will combine forces to become a major banking force in Belgium with more than 1 million customers, the companies said.

"This deal is unique in Credit Agricole’s history," CEO Luc Versele said. "Not only does it...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.