Value Partners, a Hong Kong-based asset management firm, has closed the transaction related to the acquisition of Belgium-based KBC Asset Management's 55.46% stake in KBC Concord (Taiwan).
KBC Concord is a joint venture between KBC Asset Management, Concord Securities and a group of minority shareholders, incorporated under the laws of Taiwan and with its registered office in Taipei.
KBC Asset Management said the decision is a further step in the implementation of its updated strategy, which is focused on catering predominantly for KBC customers through existing KBC distribution channels, mainly in the group’s core markets.
The decision was taken in consultation with joint venture partner Concord Securities, which was also involved in the selection procedure for the new shareholder.
Upon completion of the transaction, the new shareholder will increase the capital of KBC Concord to ensure the shareholder structure is brought into line with the local regulations.
According to KBC Asset Management, given the size and nature of the activities involved, the transaction will have no material impact on KBC group’s earnings and capital.