KBC Group’s proposed sale of its private banking arm to the Hinduja Group has been blocked by Luxembourg’s regulator, The Wall Street Journal reports. The Indian group had offered $1.89 billion for the Luxembourg-based KBL European Private Bankers unit.

The Belgian bancassurer had agreed in May last year to sell KBL to Hinduja, for which it needed antitrust clearance in Luxembourg and nine other countries. Exor, Safra, private equity firm KKR and Julius Baer had also made an offer for the unit, adds Reuters.

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