KBC Bank NV completed on December 14 the purchase of a 49.54% stake in CSOB Slovakia from CSOB Group Czech Republic (CSOB Bank, CSOB Leasing and CSOB Factoring) for a total consideration of 484 mln euro.

This transaction takes KBC Bank NV's ownership in CSOB Slovakia to 100% following a process which started in 2009 with the merger of CSOB Slovakia and Istrobanka.

Since January 2008, CSOB Slovakia has been fully consolidated directly in the financials of KBC Bank NV. In accordance with the Czech commercial code, an external valuator made an independent valuation of the stake.

This transaction does not have any impact on the financial position of KBC Group on a consolidated basis.