Press release of KBC Group NV
As announced in June and repeated several times during the past few months, KBC Group NV has been working on a strategic analysis of its group-wide activities and of the economic and financial environment the group currently operates in. This effort has resulted in an updated strategic plan, which has been tested under different macroeconomic scenarios.
The plan analyses KBC Group’s business and its proposed future strategy, and will serve as a basis for the European Commission to assess KBC’s capacity to redeem the government securities within a reasonable timeframe. This is common practice for European financial institutions that have taken part in economic stimulus plans launched by the EU Member States in recent months.
Yesterday, the strategic plan, which has been prepared with great diligence and in an open and constructive dialogue with the European Commission, was submitted to the European Commission for assessment. Its decision is expected by the end of this year. Only then will KBC be able to provide more details and facts.
Jan Vanhevel, KBC Group CEO repeated that ‘The underlying results of the first two quarters of this year have shown that the fundamentals of the KBC group are solid. We are convinced that our business model will allow us to continue to successfully do business as a financially sound institution. In the future, KBC intends to be a more focused group with an adjusted and reduced risk profile, while maintaining our growth options and retaining the confidence of all our stakeholders. This will enable the group to redeem the government securities within a reasonable timeframe. Hence KBC is looking forward to the European Commission’s approval of the strategic plan.’
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KBC Group NV
Havenlaan 2 – 1080 Brussels
Viviane Huybrecht
General Manager, Group Communication / Spokesperson:
Tel (02) 429 85 45
Press Office:
Tel. (02) 429 65 01
Fax (02) 429 81 60
E-mail: pressofficekbc@kbc.be
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