12th Jul 2005 16:33
HSBC Holdings PLC12 July 2005 HSBC SELLS DEWAAY TO KBL CCF and Kredietbank SA Luxembourgeoise (KBL) have signed an agreement for KBL, amember of the KBC Group, to acquire 100 per cent of the capital of HSBC Dewaay,a wholly-owned subsidiary of the CCF Group. Completion of the deal is subject toreceiving the necessary approvals from supervisory and competition authoritiesin Belgium and Luxembourg. HSBC Dewaay is a private bank operating in the Belgian and Luxembourg markets,offering personalised financial services to affluent families. At 31 December2004, HSBC Dewaay had over €2.5 billion in assets under management, includingnearly 80 per cent under discretionary management, and gross assets of€40.7 million. Notes to editors: The HSBC Group1. CCF is a wholly-owned subsidiary of HSBC Holdings plc and a member of the HSBC Group. Serving over 110 million customers worldwide, the HSBC Group has over 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,277 billion at 31 December 2004, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'. 2. KBC GroupKBL is a subsidiary of KBC Group NV, one of the leading financial groups in Europe. KBC Group is a multi-channel bancassurance group occupying significant positions in Belgium and Central Europe. Besides focusing on providing retail and private bancassurance services, KBC Group is also active in asset management, the provision of corporate services, market activities and private equity. It has an extensive European private bankers network, grouped under the'KBL European Private Bankers' concept and present in 10 European countries. With a market capitalisation of around €24 billion, KBC Group NV is listed on Euronext Brussels and the Bourse de Luxembourg. It employs 51,000 staff and caters for 11 million customers. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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