OREANDA-NEWS. Brussels-Yesterday evening, KBC and the shareholders of Absolut Bank reached agreement for KBC to acquire at least 92,5% of Absolut Bank, one of the leading independent mortgage lenders in Russia. The deal values the bank at ?761 million, 3,8 times the book value of the company. Absolut Bank is one of the fastest growing banks in Russia and has doubled its loan book year after year for the last five years.

The deal is subject to regulatory approval by the Central Bank of Russia and the Anti-Trust Commission. KBC expects the deal to be closed during the third quarter of 2007.

This acquisition constitutes a logical and important step in KBC’s international expansion. Having established a strong presence in a number of first- and second-wave EU-accession countries, KBC is now entering a new emerging European market