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KBC completes sale of US Life Settlement Portfolio to Fortress

KBC Group, a Belgium-based financial services group, has finalized the sale of its US life settlement portfolio held by KBC Financial Products to certain funds managed by affiliates of Fortress Investment Group (FIG), as announced on 10 November 2010.

KBC Insurance Derivatives is a New York-based specialized business line of KBC Financial Products.

The group said that the while reducing its risk profile and future volatility, the transaction will have no impact on its Tier-1 ratio and will not be material to the group’s results.

In recent months, KBC Financial Products divested its Japanese Equities business, US reverse mortgage business, Asia-focused fund of funds management activities and global convertibles and Asian equity derivatives businesses.

KBC Group Market Activities CEO Luc Popelier said that the sale is in line with KBC’s renewed strategy to reduce the group’s risk profile and to focus on its core bancassurance markets.

"KBC Merchant Banking will from now focus on servicing core corporate customers of the group’s home markets in Belgium and Central and Eastern Europe and internationally active corporate customers with a natural link to KBC’s home markets," Popelier said.