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Another bank wants Belgian state help

Text by AFP

Latest update : 2008-10-25

KBC, Belgium's only major bank not to have asked for financial help in the credit crisis so far, is hoping to receive 3,5 billion euros in state aid, according to Belgium media. Negociations are expect to last the whole week-end.

Belgian bank KBC, whose shares have fallen heavily in recent weeks, is seeking 3.5 billion euros from the state to recapitalise before Monday, the daily Le Soir reported Saturday.

"KBC has sought support from the Belgian state for recapitalisation which the banking and insurance group put at 3.5 billion euros (4.4 billion dollars), a deal which it hopes to clinch this weekend before markets reopen on Monday," the paper said, quoting reliable sources.

All the Belgian press on Saturday reported the woes of KBC, the only major bank in the kingdom not to have turned to the state or foreign establishments for help in the financial crisis.

On Friday KBC issued a statement saying it had a "solid capital base and deposits" but also indicating that it did not rule out seeking guarantees from the state to bolster its competitiveness.

According to the press, talks on the recapitalisation would likely continue throughout the weekend.

Date created : 2008-10-25