KBC Group completes sales negotiations
KBC Peel Hunt bought-out by staff and investors for £74m
Belgian financial firm KBC Group has completed sales
negotiations with staff and shareholders for its Peel Hunt
brokerage unit.
The £74 million deal will allow the KBC Group to concentrate on
their core strategy of providing services to its customers in
central and eastern Europe.
Peel Hunt staff provided 75 per cent of the capital while the
remaining 25 per cent was supplied by a group of external
investors.
Luc Popelier, chief executive officer of KBC Group's market
activities, expressed her delight at the deal and expects Peel Hunt
to succeed in the future.
She said: "We are convinced that KBC Peel Hunt's management will
succeed in further developing their business, fully valuing staff
competence and know-how while maintaining customer service at an
excellent level."
London-based Peel Hunt currently employs 136 staff who will all
remain with the business following the deal.
KBC Group received a seven billion euro bailout from the state
and is currently trying to reduce its assets as part of an
agreement with the European Commission.