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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.

Related news


Banking density and bank account penetration rate in the Maghreb countries

Africa - March 2014

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

Strategy & Functions

Société Générale has launched Manko, a new banking concept, in Senegal

Senegal - May 2013

The French group Société Générale has launched Manko in Senegal. The newly launched bank will distribute financial products and services via mobile phones: payments, loans and savings. Manko is targeting people who have a modest, but regular income to encourage them to open a bank account. Manko staff will also prospect for potential customers using a field marketing approach and the bank will also have a physical network, with the opening of a branch in Dakar and a partnership with 15 partner merchants who will enable the bank’s customers to deposit and withdraw cash. Ultimately, this model is likely to be extended to the whole of Senegal and to other African countries.

News summary compiled by Efma Information Services


According to Timetric women and young people will drive retail banking growth

International - July 2013

According to a report produced by Timetric, a UK research consultancy, retail banks should target women and young people to drive growth. The report advises banks to follow the examples of Bulbank (Bulgaria), which has opened a new female branch with products and services designed for women, and Ajman Bank (United Arab Emirates), which has opened seven women-only branches. Finally, to attract young people, the Timetric report advises banks to develop their digital products and services and introduce longer branch opening hours, citing the example of the “smart banking” concept launched by Citibank in Asia.

News summary compiled by Efma Information Services

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