Belgian banking and insurance group KBC Group to sell its subsidiary Fidea to J C Flowers & Co, a global investment adviser and private fund manager, for about EUR243,6m.
According to KBC Group, the purchase price also include EUR22,6m pre-completion dividend and subject to pricing adjustments on closing accounts.
Belgium-based Fidea offers both life and non-life insurance products to private customers, the self-employed and companies.
It also sells its policies through independent insurance brokers and – within a bancassurance co-operation agreement – through Centea’s and Credit Agricole’s network of agents.
With this transaction, Fidea will become part of an international well-established private equity group specialised in participations/investments in the financial services sector.
Indeed, KBC will continue to provide banking and insurance services under the KBC brand name in Flanders and Brussels through its network of 736 bank branches, 19 private banking branches, 13 corporate branches and 513 insurance agencies.
KBC Belgium business unit CEO and chairman of Fidea’s board of directors KBC itself will obviously continue to focus on its core activity as a bancassurer in its core markets of Belgium and Central and Eastern Europe. In Belgium, they will operate as before through our comprehensive network of KBC and CBC bank branches and insurance agencies.
The closing of the transaction is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2012.