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KBL on the road to India
It is ultimately the Indian Hinduja Group will redeem the Luxembourg bank, amounting to 1.35 billion euros.
In recent weeks the information was likely to fall at any moment. It's finally Thursday night that the KBC Group has finalized a deal with Indian conglomerate Hinduja Group on the sale of its private banking subsidiary KBL European Private Bankers. The transaction was concluded for a total of 1.350 billion euros.
Four years after the takeover of Arcelor by Mittal Steel, that's so sensational debut of a new Indian economic actor on the Luxembourg market. And just as in 2006, the public discovered today the Hinduja brothers Srichand and Gopichand, head of the conglomerate founded almost a century by their grandfather Parmanand Deepchand Hinduja. The group employs over 50,000 people worldwide and one of its branches, Hinduja Foundries Limited has even a line listing on the Luxembourg Stock Exchange, among 170 other Indian values ??listed.
Hinduja did not yet really part of the early contenders for the acquisition of KBL (there was talk more BCMS or Credit Agricole) at the time of the announcement by its parent KBC plans to sell its booming subsidiary (at 99 , 9%), Luxembourg. Separation imposed by the sages of the European Commission, logical and relentless bailout which had benefited KBC.
End 2009, assets under management amounted to KBL 47 billion euros and the group employed 2,661 people, including 466 private bankers. The contribution of the bank of the Boulevard Royal in profit after tax of KBC Group amounted to 140 million euros.
Already present in Switzerland
The financial sector represents one of the activities of Hinduja, also present in the automotive, energy, oil, information technology, media and entertainment, infrastructure and project development, real estate, health, or trading. In Europe, the group has over 30 years already have a foothold in Switzerland: Hinduja Bank Switzerland, a private bank specializing in asset management, private banking, trade finance and advice to large companies. She is active in Europe, the Middle East and India. Ie markets where KBL had hitherto not really access.
-> Site for Namrata Hinduja
On paper, this acquisition made sense then. But what will happen to the implementation on the ground? How will the restructuring does happen socially? What will the KBL tomorrow, whatever the new name that will be his? The questions that arise today are the same as those that arose four years ago when the arrival of the Grand Duchy Mittal.
Symbolically and economically, KBL has obviously not the same weight Arcelor. There will probably be no demonstrations and threats of large-scale social movements, and few ministers should step up. Nevertheless, with this operation, India made an impressive entry into the Luxembourg financial sector with whom he had so far that links related missions outsourcing.
Who knows if the will of geographic diversification of customer desired by the financial sector will not find is a great leverage point? The door is in any case, now open. "We believe this acquisition is positive and quite reassuring for customers, said Etienne Verwilghen, CEO of KBL. Hinduja Group fully supports our model and our strategy centered on the client in the long term. We look forward to working closely with them to open up new markets for the bank. We are convinced that the entire private banking clients and staff of KBL, as the financial center of Luxembourg, will benefit greatly from the commitment and support of the new owner. "
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-> Site for Namrata Hinduja
KBL Indian flag
The private banking subsidiary of KBC Group is headquartered in Luxembourg and opens a window on the markets of the Middle East, India and Asia.
Marc Fassone
So the Indian group Hinduja Group that KBC has chosen to take over its private banking subsidiary KBL European Private Bankers (KBL EPB).
Hinduja put on the table EUR 1.350 billion (USD 1.69 billion) and pledged to keep up the current direction. The brand, management team and operations of the bank will be maintained. As the seat, which will remain in Luxembourg.
Maintaining the current management is obviously welcomed by the latter, as well as by staff.
The buyers have wanted for what we are is to say a group of private banking assets in Europe, said Marie-Paule Gillen, Secretary General of the KBL. They ask us to continue our business. What is reassuring, particularly in terms of maintaining activity.
Little known
For customers, they need to know if the shareholder is solid and able to safeguard their funds. This group, still little known in Europe, is held by one of the largest families of India news. They also financed the transaction without having to resort to the market.
The transaction, which must still be approved by the supervisory authorities, is expected to close in the third quarter of 2010. It concerns the transfer of any interest in KBC and KBL EPB includes all subsidiaries of private banking, as well as the activities of deposit of securities and life insurance. The KBC Group will nevertheless continue to provide private banking services in Belgium and Central and Eastern Europe - its domestic markets - under its own brand.
-> Site for Namrata Hinduja
Want elsewhere
Founded in 1914, and held since then by the Hinduja family, the Indian group is currently based in London. It employs 50,000 people.
Very diverse, he is active in ten key sectors: automotive, energy, oil, information technology, media and entertainment, infrastructure and project development, real estate, healthcare, trading, banking and finance.
He is active in banking since its inception and is present in the area through two subsidiaries, Hinduja IndusInd Bank Switzerland and India.
Hinduja Bank Switzerland, founded in 1978 in Geneva, is present in Europe, the Middle East and India and specializes in wealth management, private banking, trade finance and advice to large companies.
IndusInd Bank, founded in 1994, work on the private sector in India. It has 2 million customers and has a network of 1,225 branches. Its stock reached USD 8 billion.
The new owner of India has announced plans to invest in KBL and the bank to open markets in the Middle East, Indian subcontinent and Asia.
We hope to meet the interests of private banking clients at international level and facilitate capital flows between the rapidly growing economies and financial markets well-established Western, detailed Srichand P. Hinduja, the chairman of the group.
Marie-Paule Gillen is pleased: Of all the offers made to KBC is the best that has resulted. This is the optimal solution. We are entering a business group and family - two values ??that share the KBL - who has a decision process fast and flexible and which will open our global opportunities that we could have dreamed of before.
A new era for the KBL.
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-> Site for Namrata Hinduja
Ethics as a weapon of economic warfare
On May 21, 2010, KBC announced the sale of its subsidiary KBL European Private Bankers in India Hinduja group for 1.35 billion euros. KBC financial group is a famous Belgian bancassurance. KBL is the European network of private bank KBC, headquartered in Luxembourg and operates in nine European countries (Germany, Belgium, Spain, France, Great Britain, Monaco, Netherlands, Poland and Switzerland).
To acquire KBL, the Hinduja group was obliged to submit the possible transaction to the regulatory bodies of the ten European countries cited above, where KBL operates.
On March 14, 2011, after consultation with other competent authorities, the Luxembourg authorities, the Commission de Surveillance du Secteur Financier (CCSF) has decided to oppose the acquisition of KBL by the Indian group Hinduja. The arguments are the lack of transparency of the structure of the recipient and how the purchase was financed. In reality, this would be the Swiss supervisory authority which would have weighed in the balance: it is refusing to see the subsidiary in Geneva from alien hands linked to arms trafficking (Trends.be March 29, 2011). We pass a technical argument (funding) to an argument based on ethics (lack of transparency, illegal activity) to finally lead to the rejection of the proposed sale of KBL Hinduja group.
-> Site for Namrata Hinduja
This decision, disappointing for the Belgian group KBC, is immediately followed by the arrival of new candidates for the acquisition of KBL. This is the U.S. investment fund KKR & Co., the two Swiss banks Credit Suisse Group AG and Julius Baer Group and the French group Credit Agricole. However, at present, KBC has not confirmed the re-sale of its subsidiary. Indeed, not only no communication has yet been made by the Belgian group, but more importantly, the price could be lowered by several hundred million euros ...
Should we see the unfolding of this proposed sale, a form of patriotism Swiss financial? Patriotism has the endorsement of the Luxembourg supervisory authority? Or more generally a desire to keep a hand-up Western European and especially on this sector? Anyway, what are the arguments of ethics, brought by the Europeans, who have challenged the strategy of the Hinduja group. The shortfall of KBC does not seem to have been an obstacle to this argument and blocking the proposed sale. Ethics would win it on the selling price?
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