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Wells Fargo May Buy KBC Banking Unit
Wells Fargo & Co. is seeking to acquire the private banking business of Belgian bank KBC Group.
Wells Fargo & Co. is seeking to acquire the private banking business of Belgian bank KBC Group, The Wall Street Journal reports. The U.S. lender may submit a bid for KBL European Private Bankers.
The sale is part of a restructuring deal with the European Commission to repay government aid that the Belgian bank received during the financial crisis. In May, KBC decided to sell the business to family-owned Indian investment firm Hinduja Group for €1.35 billion, but the deal was called off.
Click here for the story from The Wall Street Journal.