KBC Group
1998 Merger and subsequent history
1998 Merger and subsequent history
----------------------------------

On , CERA Bank, ABB, and Fidelitas (the insurance arm of [Almanij](/wiki/Almanij "Almanij")) merged into Kredietbank NV, whose name was changed to **KB ABB Cera Bank and Insurance Holding Company NV**. On , the group's parent entity was renamed **KBC Bank and Insurance Holding Company NV**. On , that was shortened to **KBC Group NV** simultaneously with merger with [Almanij](/wiki/Almanij "Almanij"), the former holding company.

In 1999, KBC acquired majority control of [Československá obchodní banka](/wiki/%C4%8Ceskoslovensk%C3%A1_obchodn%C3%AD_banka "Československá obchodní banka"), a prominent bank in the Czech Republic and Slovakia. In 2001\-2002 it took control of  in Poland. By 2007, it had made further acquisitions in Bulgaria (DZI Insurance, DZI Invest and EIBANK), Romania (KBC Securities Romania, Romstal Leasing and INK Insurance Broker), Russia (Absolut Bank), and Serbia (KBC Banka and Senzal, Hipobroker, and Bastion). In 2008, it purchased [Istrobanka](/wiki/Istrobanka "Istrobanka") in Slovakia from [BAWAG](/wiki/BAWAG "BAWAG").

The stock price dropped from 106€ on 18 May 2007 to 5€ on 6 March 2009, a loss of 95% over a period of 22 months, during the [Great Recession](/wiki/Great_Recession "Great Recession"). The bank needed and received support from the [Flemish government](/wiki/Flemish_government "Flemish government") for an amount of 3\.5 billion Euros. After the crisis the bank embarked on a divestment programme to satisfy the requirements of the [European Commission](/wiki/European_Commission "European Commission"). As such, it sold several subsidiaries, including Centea, Fidea, Kredyt Bank, ADB, KBC Deutschland, Absolut Bank and [KBL European Private Bankers](/wiki/KBL_European_Private_Bankers "KBL European Private Bankers"), the latter being acquired by [Precision Capital](/wiki/Precision_Capital "Precision Capital"), owned by [Hamad bin Jassim bin Jaber Al Thani](/wiki/Hamad_bin_Jassim_bin_Jaber_Al_Thani "Hamad bin Jassim bin Jaber Al Thani"), for a reported €1\.05 billion in October 2011 and renamed [Quintet Private Bank](/wiki/Quintet_Private_Bank "Quintet Private Bank") in 2020\. The divestment programme was completed in 2014 and the state aid entirely paid back by 2015, five years ahead of the agreed schedule. Since then the KBC share price recovered to around a maximum of €75 in the month of January 2022\.

In 2017, KBC acquired [United Bulgarian Bank](/wiki/United_Bulgarian_Bank "United Bulgarian Bank") (UBB) and Interlease in Bulgaria. On 7 July 2022 KBC Bank acquired Raiffeisenbank (Bulgaria) EAD from [Raiffeisen Bank International](/wiki/Raiffeisen_Bank_International "Raiffeisen Bank International") and rebranded it [KBC Bank Bulgaria](/wiki/KBC_Bank_Bulgaria "KBC Bank Bulgaria"). On 10 April 2023 KBC Bank Bulgaria has been merged into United Bulgarian Bank. In February 2017, Ireland was defined as a new core market of KBC Group, but in April 2021, KBC entered into talks with Bank of Ireland to sell its performing loan book and announced its intention to withdraw from Ireland. As of 2022, the KBC group is focused on five countries: Belgium, Bulgaria, Czech Republic, Hungary, and Slovakia.


Which banks were acquired by KBC in Poland between 2001-2002?