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RHJ International acquires KBC Asset Management Dublin

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RHJ International has completed the acquisition of KBC Asset Management’s Dublin-based subsidiary after having received the necessary approval of the Irish regulator.

The companies announced the agreement on the sale on 21 June 2010.

The impact of the sale on KBC’s earnings and capital is negligible given the size and nature of the activities involved.

Danny De Raymaeker, chairman of the board of directors of KBC Asset Management, says: “This transaction allows KBC Asset Management NV to continue  to implement its strategy, which is focused on catering predominantly for KBC customers through the existing KBC distribution channels, mainly in the group’s core markets. KBC Asset Management NV’s strategy is thus fully in line with the updated KBC Group strategy, which focuses on retail customers, small and medium-sized enterprises and midcaps in KBC’s core markets of Belgium, Poland, the Czech Republic, Slovakia, Hungary and Bulgaria. We are pleased about RHJI’s investment in KBC Asset Management Ltd, which is the best avenue for KBC Asset Management Ltd’s future growth and development. This transaction brings material benefits to the customers, employees and shareholders of KBC Asset Management Ltd.”

Leonhard Fischer, chief executive officer of RHJ International, adds: “We are very pleased to announce this acquisition as a further step in the transformation of RHJI into a dynamic financial services group. KBCAM Dublin has strong relations with institutional clients and wholesale distribution partners in Ireland and international markets. It is an ideal complementary addition to our financial services platform, leveraging the Kleinwort Benson brand."

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