SOURCE: KBC Groep

April 18, 2007 05:10 ET

KBC acquires majority stake in Absolut Bank in high-growth Russian market (18-04-2007)

BRUSSELS, BELGIUM and MOSCOW -- (MARKET WIRE) -- April 18, 2007 -- Yesterday evening, KBC and the shareholders of Absolut Bank reached agreement for KBC to acquire at least 92.5% of Absolut Bank, one of the leading independent mortgage lenders in Russia. The deal values the bank at EUR 761 million, 3.8 times the book value of the company. Absolut Bank is one of the fastest growing banks in Russia and has doubled its loan book year after year for the last five years.

Absolut Bank:

http://hugin.info/133947/R/1119575/205616.pdf

Contact Information

  • For more information, please contact:

    Mrs Dinara Suleymanova
    Head of Marketing Department in AbsolutBank
    Tel +7(495) 995-1001
    +7(495)777-7171
    Email Contact

    Luc Cool
    Director of Investor Relations, KBC Group
    Tel. (+32) 2 429 40 51
    Email Contact

    Viviane Huybrecht
    Head of Group Communication and of the KBC Press Office
    Spokesperson, KBC Group
    Tel. (+32) 2 429 85 45
    Email Contact
    Email Contact