KBC Groep NV, Belgium’s biggest bank by market value, said it will set aside as much as 775 million euros ($1.04 billion) to cover doubtful loans in Ireland pending the European Central Bank’s review of bank-asset quality.
Dexia SA and KBC Groep NV are the biggest Benelux holders of corporate and government debt of Europe’s so-called peripheral states as a percentage of shareholder equity, ING Groep NV said in an assessment of banks and insurers in Belgium, the Netherlands and Luxembourg.
SNS Reaal NV, a Dutch bank and insurer struggling with real estate losses, plans to strengthen capital buffers by selling a stake to private investors and involve bond holders to help limit the burden on taxpayers.
Ageas SA, the majority owner of Belgium’s biggest life insurer, reported insurance profit that beat analyst estimates and announced a stock buyback as a lockup on 78.9 million shares held by BNP Paribas SA expires.
Ageas SA, the majority owner of Belgium’s biggest life insurer, will return an additional 200 million euros ($264 million) to investors through share buybacks after reporting second-quarter profit that exceeded estimates.
KBC Groep NV, Belgium’s biggest bank and insurer by market value, reported fourth-quarter profit that beat analyst estimates as lower funding costs halted a slide of its interest margin and sales of fee-generating products rose.
KBC Groep NV ’s sale of its private bank to India’s Hinduja Group for 1.35 billion euros ($1.88 billion) failed to get regulatory approval, setting back the firm’s plan to boost capital and repay bailout funds.