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The Gap Partnership

KBC Group completes sales negotiations

KBC Peel Hunt bought-out by staff and investors for £74m

29 July 2010

Belgian financial firm KBC Group has completed sales negotiations with staff and shareholders for its Peel Hunt brokerage unit.

The £74 million deal will allow the KBC Group to concentrate on their core strategy of providing services to its customers in central and eastern Europe.

Peel Hunt staff provided 75 per cent of the capital while the remaining 25 per cent was supplied by a group of external investors.

Luc Popelier, chief executive officer of KBC Group's market activities, expressed her delight at the deal and expects Peel Hunt to succeed in the future.

She said: "We are convinced that KBC Peel Hunt's management will succeed in further developing their business, fully valuing staff competence and know-how while maintaining customer service at an excellent level."

London-based Peel Hunt currently employs 136 staff who will all remain with the business following the deal.

KBC Group received a seven billion euro bailout from the state and is currently trying to reduce its assets as part of an agreement with the European Commission. 

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