Belgium's KBC Sells German Banking Unit To PE Group

Law360, New York (September 24, 2013, 3:36 PM EDT) -- Belgian bank and insurance provider KBC Group NV said Tuesday it will sell its German unit to a private equity consortium to free up €100 million ($135 million) of capital and fulfill divestment mandates imposed by the European Union in connection with a multibillion-dollar government bailout.

The deal will put KBC Bank Deutschland AG into the hands of Apollo Global Management LLC affiliates Grovepoint Capital LLP and Teacher Retirement System of Texas. The parties did not disclose the financial terms of the deal or say how...
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