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KBC to shed non-core assets in overhaul - paper

Source: Reuters - Fri 2th Oct 2009

Belgian finance group KBC has proposed selling KBC Bank in Serbia and non-core activities in eastern Europe as part of a restructuring required by the European Commission, Belgian media said.

The group could also divest KBC Bank Ireland and Absolut Bank in Russia and even, as a last resort, its Belgian retail bank Centea, newspapers De Tijd and De Standaard reported on Friday.

KBC was bailed out over the past year with 7 billion euros of aid from the Belgian state and Flemish regional government,which the EU's executive approved on condition the bank submitted a restructuring plan.

KBC presented the five-year plan to the Commission on Wednesday and was expecting a decision by the end of the year.

The company could also shed the remainder of KBC Financial Products, which sold collateralised debt obligations (CDOs) to a number of the group's private clients, De Standaard said.

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