LONDON, Sept 20 (Reuters) - Belgium's KBC has put its London brokerage and corporate finance house KBC Peel Hunt up for sale, with the bank set for a huge loss, UK newspaper the Independent on Sunday said.
The paper said KBC, which received 7 billion euros ($10.3 billion) of government cash to help it through the financial crisis, had been sounding out the industry over the likely interest.
In response to the report a spokeswoman said KBC was conducting a strategic review of the group, which was not yet finished and is due to be submitted to the European Commission by the end of the month.
The Commission is then expected to make a decision as to whether KBC's plan is satisfactory by the end of the year.
'Any rumour or speculation is very premature,' the spokeswoman said.
The Independent said a Peel Hunt management buyout led by Chief Executive Simon Hayes was the most probable option although it said other brokerages such as Collins Stewart could also be interested.
The paper said KBC bought Peel Hunt 10 months after it was floated in 2000 for around 220 million pounds ($360 million).
($1=.6116 pounds)
(Reporting by Kate Holton in London and Foo Yun Chee and Philip Blenkinsop in Brussels; Editing by Greg Mahlich) ($1=.6802 Euro) Keywords: KBC PEELHUNT/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The paper said KBC, which received 7 billion euros ($10.3 billion) of government cash to help it through the financial crisis, had been sounding out the industry over the likely interest.
In response to the report a spokeswoman said KBC was conducting a strategic review of the group, which was not yet finished and is due to be submitted to the European Commission by the end of the month.
The Commission is then expected to make a decision as to whether KBC's plan is satisfactory by the end of the year.
'Any rumour or speculation is very premature,' the spokeswoman said.
The Independent said a Peel Hunt management buyout led by Chief Executive Simon Hayes was the most probable option although it said other brokerages such as Collins Stewart could also be interested.
The paper said KBC bought Peel Hunt 10 months after it was floated in 2000 for around 220 million pounds ($360 million).
($1=.6116 pounds)
(Reporting by Kate Holton in London and Foo Yun Chee and Philip Blenkinsop in Brussels; Editing by Greg Mahlich) ($1=.6802 Euro) Keywords: KBC PEELHUNT/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
