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...
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