KBC AM’s decision to sell its stake in KBC Concord is a further step in the implementation of the KBC group’s updated strategy of focusing on retail customers, small and medium-sized enterprises and mid-caps in its core markets of Belgium and Central and Eastern Europe.
According to KBC Asset Management, following completion of the transaction, the new shareholder will increase the capital of KBC Concord to ensure the shareholder structure is brought into line with the local regulations.
KBC Concord was established in December 2007 as a Taiwanese joint venture between KBC AM (Belgium – 55.46%), Concord Securities (Taiwan – 25%) and a group of minority shareholders (Taiwan – 19.54%).
The joint venture combined KBC AM’s product and fund management know-how with Concord Securities’ market knowledge and distribution power.
KBC Asset Management chairman of the Board of Directors Danny De Raymaeker said the transaction fits in perfectly with their renewed strategy.
"We are convinced that the new shareholder and Concord Securities will be able to successfully continue developing the Taiwanese asset management activities, securing the future of its staff and ensuring good service is provided to its customers," De Raymaeker said.
