Credit Agricole Buys KBC Unit For €527M

Credit Agricole Belgium will acquire KBC’s Belgian bank unit, Centea, The Wall Street Journal reports. The Belgian financial services group will get €527 million from the sale of its business.

Econopolis, Deloitte, CMS DeBacker and AT Kearney advisedCrédit Agricole, while KBC was advised by KBC Securities, Morgan Stanley, Eubelius and Linklaters, adds Reuters. KBC is required to sell assets in return for receiving state aid from the European Union.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.