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KBC to sell its Russian subsidiary Absolut Bank
Russian Federation | December 2012

The Belgian banking and insurance group KBC has agreed to sell its Russian banking subsidiary Absolut Bank to a group of Russian investors for 300 million euros. The deal is due to be closed in the second quarter of 2013 once it has been approved by the regulatory authorities. This sale, which is expected to have a positive impact of around 100 million euros on KBC’s consolidated results in 2013 but not on the capital, should improve KBC’s tier-1 capital ratio by around 0.4 percentage points. KBC had decided to refocus on retail banking in Belgium and Central and Eastern Europe.

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According to, Jordan is the Maghreb country with the highest banking density with one branch per 5,000 inhabitants, followed by Morocco (1 branch per 6,000 inhabitants), Tunisia (1 branch per 7,400 inhabitants), Egypt (1 branch per 22,000 inhabitants) and Algeria (1 branch per 25,000 inhabitants). For the bank account penetration rate, Morocco tops the list with a rate of 57%, followed by Tunisia (42 %), Jordan (35 %), Algeria (30 %) and Egypt (28 %).

News summary compiled by Efma Information Services

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News summary compiled by Efma Information Services

Strategy & Functions

In Poland, BNP Paribas has acquired Bank Gospodarki Żywnościowej (BGZ)

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In Poland, the French bank BNP Paribas has acquired Bank Gospodarki Żywnościowej (BGZ), by purchasing the Dutch bank Rabobank’s 98.5% stake in BGZ for a consideration of around one billion euros. Bank Gospodarki Żywnościowej has a network of 400 branches which will enable BNP Paribas to boost its presence in Poland where it already operates under the name of BNP Paribas Bank Polska.

News summary compiled by Efma Information Services

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