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BELGIUM - KBC to divest PE unit

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According to reports, Belgian banking and insurance group KBC is to divest its private equity unit as part of the group's overall restructuring plan.

The banking group is to reduce its risk-weighted assets by 25% as a condition to receive much needed EU-approved state aid. The recapitalisation will also see the group scale back its merchant banking, and sell its private banking unit among other divestments.
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