KBC Group
As a top bancassurance group and asset manager in Belgium with financial activities in central and eastern Europe (CEE) and a pan-European private banking network, KBC is developing its own unique brand throughout its operations.
Retail bancassurance is the cornerstone of the bank’s strategy and in Belgium, this has already proved very successful. The cross-selling rate is currently over 40%, meaning that more than 40% of KBC customers in Belgium hold at least one banking and one insurance product. “We have gradually been putting this strategy into practice within our CEE subsidiaries,” says CEO Willy Duron. “Moreover, although we are internationally orientated, we continue to respect our local roots. Our ‘multi-domestic’ approach has also been implemented across the group. These strategies helped boost KBC’s 2004 net profit by 57%, while we have seen KBC’s share price rising steadily from the mid-40s (in euros) last summer to the mid-60s level currently.” The merger of KBC with its parent company in March 2005 has resulted in increased transparency and share liquidity (higher free float), catapulting KBC into the top 10 Euroland financial groups by market capitalisation. “These achievements would not have been possible without the help of all of our highly motivated staff members and the faith and trust confided in us by our customers and shareholders,” says Mr Duron.
