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Sorry for my poor english translation
VINCI: Creates a JV with Hinduja Group in India
Hinduja Group has signed a joint venture with Vinci SA (DG.FR) in the field of road construction in India, reported Monday night the Press Trust of India.
The newspaper, citing co-chairman of Hinduja, the joint venture will also buy from small local building societies.
The financial aspects of the transaction were not disclosed.
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KBL KBC sells at Hinduja Group
The KBC group has yielded to the Hinduja Group's private banking subsidiary KBL European Private Bankers for a total of 1.350 billion euros. Its banks are especially in Belgium.
KBL label, his management team and its operations will be fully maintained. KBL will remain based in Luxembourg.
"The international diversified Hinduja Group will provide a stable base to KBL, continuity of business and good stewardship, while giving it greater access to fast growing markets of the Middle East, India and the Asia, "said a statement.
KBL is one of Europe's largest onshore private banking. Its affiliated local banks are present in 55 locations in ten European countries (Belgium, France, Germany, Luxembourg, Monaco, Netherlands, Poland, Spain, Switzerland and United Kingdom).
End 2009, assets under management of KBL amounted to 47 billion euros.
The transaction is expected to close in the third quarter of 2010 concerns the transfer of any interest in KBC and KBL includes all subsidiaries of private banking, as well as the activities of deposit of securities and life insurance.
KBC will continue to offer private banking services in Belgium and Central and Eastern Europe, through its private banking business under the label of KBC.
The transaction is to KBC, a major step forward in implementing the strategic plan in November 2009, the group said.
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