KBC sells 5.5 pct stake in Poland's Kredyt Bank for 59.6 mln eur

Belgian financial group KBC SA sold 5.5 pct of its stake in Poland's Kredyt Bank for 59.6 mln eur, the company said.

KBC Bank is selling the stake in order to comply with a request from the National Bank of Poland to restore Kredyt Bank's free float to 20 pct.

The 5.5 pct stake was sold to Sofina SA, a European investment company based in Brussels, which participates in other listed and unlisted companies through long-term investments.

As a result of the recent capital increases in Kredyt Bank, which were fully underwritten by KBC Bank, KBC's stake in Kredyt Bank increased to 85.5 pct.

The group added it had no intention to further reduce its stake in Kredyt Bank.
Source:www.forbes.com