KBC receives final approval and closes acquisition of Istrobanka

KBC was already present in Slovakia through its subsidiary SOB Bank, and the consolidation of ISTROBANKA and SOB Bank will create the fourth largest banking operation in Slovakia, with a market share of approximately 10%. In the coming months, both ISTROBANKA and SOB Bank will fully concentrate on preparations for the introduction of the euro and on the merger of both banks (second half of 2009). Commenting on the deal, André Bergen, KBC Group CEO, had this to say: 'Together, SOB and ISTROBANKA will form the fourth largest banking operation in the country. KBC has now strengthened its position in the attractive and increasingly consolidating Slovakian market, one which offers enormous potential for the further penetration of banking and insurance products. The future merger of both banks will offer considerable cross-selling potential in both retail and corporate banking and lead to economies of scale, thus creating significant value and benefits for shareholders, employees and customers." Daniel Kollar, CEO of SOB Bank and Country Manager of SOB Group in Slovakia added:'ISTROBANKA is a quality bank, with a professional management team, highly experienced and dedicated staff, and a clear commercial strategy and business plan that focuses on organic growth.



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