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Old 28th August 2015, 03:10 PM
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Default Re: Antwerp Diamond Bank Kbc

Antwerp Diamond Bank was founded in 1934, it is a small, 75-year-old bank and it is the second largest diamond bank in the world, after ABN AMRO's International Diamond and Jewelry Group.



KBC Bank was founded in 1985; it is a Belgian universal multi-channel bank, focusing on private clients and small and medium-sized enterprises.

Antwerp Diamond Bank is currently a wholly owned subsidiary of KBC Bank.

KBC was agreed in December 2013 to sell ADB to the Chinese Yinren Group.

Now KBC has decided, in implementation of the agreement made with the European Commission, to run down the loan portfolio and activities of ADB in a gradual and orderly manner.

Address:’

Antwerpse Diamantbank
Pelikaanstraat 54
2018 Antwerpen
Belgium
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  #3  
Old 28th December 2015, 10:40 AM
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Default Re: Antwerp Diamond Bank Kbc

Hi I would like to know the summary of KBC groups decision to firt sell the Antwerp bank and then hot going ahead and absorbing it them selves?
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Old 28th December 2015, 10:40 AM
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Default Re: Antwerp Diamond Bank Kbc

The summary details of the KBC takes decision on Antwerp Diamond Bank are as follows:

Friday, September 19, 2014 — Given that the auction of Antwerp Diamond Bank (ADB) to Yinren Group could not be successfully completed, KBC has decided, in functioning of the agreement made with the European Commission, to run down the loan portfolio and activities of ADB in a gradual and orderly manner

KBC will bear out this process with respect for its clients and the contractual arrangements agreed with them. No new loans will be decided at ADB and no new business developed.

As a result, outstanding loans will primarily continue to be managed by ADB and then in a later phase by KBC. This conclusion is in accordance with the arrangements agreed with the European Commission on the divestment of ADB.

At the end of last year, KBC announced that an conformity had been reached with the Chinese Yinren Group on the acquisition of ADB.

Later on the Belgian banking and insurance company KBC Group NV said that it has abandoned strategy to sell its Antwerp Diamond Bank to China's Yinren Group and will instead wind it down and soak up.

KBC borrowed €7 billion ($9.5 billion) from the Belgian and Flemish governments at the pinnacle of the financial crisis. It fully reimbursed the federal government in 2012 but still has to accomplish certain conditions with the European Union to make the bailout compatible with state aid rules—including selling ADB.

KBC said the mutilation recorded on the sale of ADB in 2012 and 2013 will be upturned, giving it a gain of €100 million for the third quarter of 2014. On the other hand, supplementary loan losses will have to be documented during the run-down period that cannot be recorded immediately under IFRS.
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