KBC Groep to Repay $11.1 Billion of ECB Loans in First Quarter
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KBC Groep NV, Belgium’s biggest bank and insurer by market value, will repay 8.3 billion euros ($11.1 billion) of three-year loans to the European Central Bank in the first quarter.
“Given the substantially improved condition of the wholesale funding market and KBC’s very solid liquidity position, we decided to repay” the loans, Chief Financial Officer Luc Popelier said in a statement today without specifying when in the quarter the repayments would be made. Brussels-based KBC has covered a quarter of its 2013 wholesale funding needs in the first three weeks of the year, it said.