Deals
KBC Gains as Polish Merger Seen Creating Value: Brussels Mover
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KBC Groep NV, Belgium’s biggest bank and insurer by market value, rose the most in two weeks in Brussels after forecasting the value of its Bank Zachodni WBK SA stake may increase following the merger with Kredyt Bank SA.
KBC advanced as much as 6.9 percent on Euronext Brussels after agreeing to swap an 80 percent holding in Kredyt Bank for a 16.4 percent stake in Banco Santander SA’s Zachodni. The Belgian bank will reduce that stake to 9.99 percent following completion of the merger and get 321 million euros ($432 million), with proceeds guaranteed by Santander, Chief Financial Officer Luc Popelier told analysts on a conference call today.