Hinduja Bank Acquisition
Hinduja Group has acquires private banking subsidiary KBL European Private Bankers for €1.35 bn
The Hinduja Group acquires KBC group's private banking subsidiary KBL epb
|The Hinduja Group is a diversified international business that has been in the banking business since 1914 and is present in the sector through Hinduja Bank Switzerland and IndusInd Bank in India. As well as providing a stable home, continuity and careful stewardship for KBL, the Group will also give the bank greater access to the fast-growing Middle-East, Indian and Asian markets. The Hinduja Group intends to grow KBL epb internationally by using the Group's business interests in more than 100 countries.
• KBC will continue to offer private banking services in Belgium and Central and Eastern Europe through its KBC-branded private banking businesses.
Jan Vanhevel, KBC Group CEO: "The transaction today is an important first step in implementing our updated strategy. With this divestment, we are releasing a significant amount of capital and further strengthening the KBC group, with its focus on its core bancassurance expertise and markets (Belgium, Central and Eastern Europe), and with its reduced risk-profile.
This important transaction enables the group to report a very strong pro forma core tier-1 ratio of 10.4 % as of 31 March 2010. On a personal note, it is with regret that we say goodbye to our KBL epb colleagues, with whom we have worked together successfully for many years. We are convinced that the Hinduja Group will allow KBL epb to grow its business, secure the future of its staff and continue offering superior customer service."
We look forward to working with the existing management team of KBL epb who we believe have done an excellent job to date. We plan to invest further in the business, maintaining each of the subsidiaries, while also providing KBL epb with access to the fast growing markets of the Middle East, the Indian subcontinent and Asia. In this way, we hope to address the private banking needs of clients internationally and facilitate capital flows between fast growing economies and established Western financial markets."
Etienne Verwilghen, KBL epb CEO: "We see this acquisition as wholly positive and reassuring for the clients. The Hinduja Group fully supports our client-focused model and strategy with a long-term perspective. We look forward to working closely with them in taking the bank to new markets. We are convinced that all KBL epb's private banking clients, staff and the Luxembourg financial centre will benefit significantly from the highly committed support of the new owner."
|For further information on this exciting new acquisition for the Hinduja Group please contact: Sam Cork on firstname.lastname@example.org|