Brussels, Riga – Today, KBC Securities closed the acquisition of majority ownership (51%) of Baltic Investment Company (BIC). As was announced earlier (July 2, 2007) KBC Securities had reached the agreement with the two owners of the company, who will continue managing the company as board members. After closing the transaction BIC shall be renamed into KBC Securities Baltic Investment Company. The Ukrainian Subsidiary of BIC has been renamed into KBC Securities Ukraine.
By acquiring BIC majority stake, KBC Securities will consolidate its position as market leader in the region and obtain a platform for KBC to expand into the Russian, Ukrainian and Baltic markets.
Commenting on the deal, Andrei Zadornov and Kirill Jurzditsky, board members of BIC, had this to say: “We are delighted that we can now continue developing our business and grow the company with a long-term shareholder of international repute like KBC. We expect there to be a significant development in securities markets and many corporate finance and IPOs deals taking place over the next few years in the countries we are currently doing business in. The know how and the Central and Eastern European network that KBC Securities has built up constitutes significant added value for us while developing investment banking business in the Baltic States, Ukraine and Russia and affords attractive prospects for our employees.”
Commenting on the deal Guy Van Eechaute, CEO of KBC Securities, had this to say: “We are very happy that we have finalised this deal, which increases our corporate finance-presence to about every country in the central and eastern European region. The KBC Securities corporate finance network now covers the Baltic States, Russia, Ukraine, Poland, the Czech and Slovak Republics, Hungary, Romania, Bulgaria, Serbia, Montenegro, Macedonia and Bosnia. This creates ample opportunities for cross—border M&A-deals and for cross-border Equity Capital Markets transactions. Moreover, I am very delighted that we will also get involved in the brokerage business in Ukraine, because this is today to a large extend a capital market”.
Over the past six months, KBC Securities has further consolidated its position as market leader in Central and Eastern Europe with the acquisitions of Swiss Capital (now KBC Securities Romania), Equitas (now KBC Securities Hungary), DZI Invest (Bulgaria) and three Serbian companies: Hipobrokers, Senzal (both brokers that will be merged into KBC Securities a.d. Beograd) and Bastion (a company specialised in corporate finance transactions).
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