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KBC: to withdraw fully from Slovenia

(CercleFinance.com) - KBC will completely withdraw from Slovenia, a market identified as "non-core" by the Belgian bank, by selling its stake in the Slovenian life insurance joint venture NLB Vita, the group said on Friday.

In a joint process, Nova Ljubljanska banka (NLB) and KBC
have agreed to sell their respective stakes in the 50/50 joint venture to Sava, one of the top three insurance groups in the Adria region.

The deal, which will have a negligible impact on KBC's results, fits in with the group's strategy to focus on core markets, i.e. retail clients, small and medium sized enterprises and midcaps in Belgium, the Czech Republic, Slovakia, Hungary, Bulgaria and Ireland, the group said.

The deal is expected to close in in the second quarter of 2020.

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