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Strategy & Functions
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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Strategy & Functions

BNP Paribas and Orange are setting out to conquer Africa

Africa - June 2014

The French bank BNP Paribas and the French telecoms operator Orange have joined forces to offer a mobile banking service in Africa. By linking their account to Orange Money, BNP Paribas customers will be able to buy airtime credit, transfer money and pay their bills with their mobile phone, while Orange Money’s customers will have access to BNP Paribas branches and the bank’s financial services (savings products, bank cards). The joint offering of BNP Paribas and Orange Money is being rolled out initially in Ivory Coast, but there are plans to expand it shortly into other African countries, such as Senegal.

News summary compiled by Efma Information Services


Santander buys CE Capital in Scandinavia

Europe - June 2014

Santander Consumer Finance, a subsidiary of the Spanish bank Santander, has purchased GE Money Bank AB, which is the consumer finance arm of General Electric in Sweden, Denmark and Norway. The estimated amount of the transaction is EUR 700 million. With this transaction Santander Consumer Finance has acquired a portfolio of EUR 2.35 billion of direct loans and credit cards.

News summary compiled by Efma Information Services

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