KBC Announces Sale of KBC Bank Deutschland

KBC today announced it has reached an agreement to sell KBC Bank Deutschland AG, a wholly-owned subsdiary of KBC Bank NV, to several investors including affiliates of Teacher Retirement System of Texas (TRS), Apollo Global Management, LLC

, Apollo Commercial Real Estate Finance, Inc.

, and Grovepoint Capital LLP (Grovepoint).       KBC Bank Deutschland specialises in corporate banking and financial services for medium-sized German companies. It also provides professional real estate financing, acquisition finance, institutional asset management and private wealth management services for German high-net-worth individuals.       The transaction is subject to antitrust and regulatory approval. Meanwhile, KBC Bank Deutschland, with the support of KBC, remains fully committed to all its current business activities and serving its customers.       This deal will free up around 0.1 billion euros of capital for KBC, primarily by reducing risk-weighted assets and will have no material impact on KBC's financial results. This will result in an improvement of