The Belgian banking and insurance group KBC, which country is the owner of DZI Insurance and SIBank, selling its Asian subsidiary for derivative trading for about $ 1 billion, Reuters reported. The deal is part of the restructuring program, promised in return has received state aid in the wake of financial crisis. By KBC announced another sale of the Brussels-based reinsurance company for 267 million euros. Asian Unit – Global Convertible Bond and Asian Equity Derivatives – was purchased from Daiwa Capital Markets, investment banking division of the Japanese Daiwa Securities Group. KBC, which received 7 billion government support during the crisis, agreed to a European Commission proposal to reduce assets linked to risky investments by 39 billion between 2008 and 2013. The deal does in Asia is welcome to Daiwa, which aims at expanding its operations in the region. As to the announced transaction on the local market, the sale is Secura NV, whose new owner is Australian insurance giant QBE Insurance Group.
Over the past 10 years he has made over 75 acquisitions, which reached presence in 47 markets worldwide.

Tags: Asian Equity Derivatives, Asian Unit, DZI Insurance, Global Convertible Bond, kbc, SIBank

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