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KBC Group N.V. is a Belgian universal multi-channel bank-insurer, focusing on private clients and small and medium-sized enterprises in Belgium, Bulgaria, Czech Republic, Hungary, and Slovakia. It was created in 1998 through the merger of Kredietbank (KB), the cooperative , ABB Insurance, and Fidelitas Insurance. The
acronym An acronym is a type of abbreviation consisting of a phrase whose only pronounced elements are the initial letters or initial sounds of words inside that phrase. Acronyms are often spelled with the initial Letter (alphabet), letter of each wor ...
KBC stands for KredietBank and CERA. KBC Group is one of Belgium's major companies and the second largest bancassurer in the country. As of late 2020, it was the 15th largest bank in Europe by
market capitalisation Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by ...
and a major financial player in Central and Eastern Europe, employing some 41,000 staff (of which more than half in Central and Eastern Europe) and serving 12 million customers worldwide (some 7 to 8 million in Central and Eastern Europe). KBC is a
Forbes Global 2000 The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by: sales, profit, assets and market value. The list has been published annually since 2003. By country Forbes Global 2000 as of 2023: ...
company. The group is controlled by a group of core shareholders, and has a free float of approximately 60%. The core shareholders include KBC Ancora, a listed company controlled by CERA (or , a holding company formed by the cooperative clients of CERA Bank at the time of the 1998 merger), owning 19%; MRBB (), a vehicle of the Boerenbond farmers' association, at 12%; a group of industrialist families, at 8%; and CERA directly, at 3%. Its shares are traded on the
Euronext Euronext N.V. (short for European New Exchange Technology) is a European bourse that provides trading and post-trade services for a range of financial instruments. Traded assets include regulated equities, exchange-traded funds (ETF), warrant ...
exchange in Brussels. KBC has been designated as a Significant Institution since the entry into force of
European Banking Supervision European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...
in late 2014, and as a consequence is directly supervised by the
European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...
.


Background


Volksbank van Leuven, local savings banks and Middenkredietkas

On , a group of prominent Catholics founded the ("People's Bank of Leuven"), a cooperative bank to finance the development of business in and around
Leuven Leuven (, , ), also called Louvain (, , ), is the capital and largest City status in Belgium, city of the Provinces of Belgium, province of Flemish Brabant in the Flemish Region of Belgium. It is located about east of Brussels. The municipalit ...
. In the early 1890s, the Boerenbond farmers movement, similarly inspired by Catholicism and
corporatism Corporatism is an ideology and political system of interest representation and policymaking whereby Corporate group (sociology), corporate groups, such as agricultural, labour, military, business, scientific, or guild associations, come toget ...
and also based in Leuven, led the development of burgeoning network of rural cooperative banks inspired by the model created in Germany by Friedrich Wilhelm Raiffeisen. The first of these ("savings and loans associations") was created in 1892 in the village of Rillaar near
Aarschot Aarschot () is a city and municipality in the province of Flemish Brabant, in Flanders, Belgium. The municipality comprises the city of Aarschot proper and the towns of Gelrode, Langdorp and Rillaar. On 1 January 2019, Aarschot had a total popu ...
. By 1895, there were 24 ; that year, the Boerenbond established the Middenkredietkas ("central credit fund") as a central body to help them manage their customers' savings and access funding from the Caisse générale d'épargne et de retraite, a national financial institution. In 1902, the network had grown to 190 local savings banks, and would further expand to 378 by 1913 and 1099 in 1934. In 1903, the Middenkredietkas decided to reduce its exclusive dependence on the CGER and established a permanent relationship with the Volksbank van Leuven for the management of some of the farmers' savings.


Algemene Bankvereeniging, Bank voor Handel en Nijverheid, Almanij

After
World War I World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...
, the Middenkredietkas strengthened its structural cooperation with the Volksbank van Leuven, which in 1919 had transformed itself into a joint-stock company. The two institutions jointly sponsored the creation or acquired control of several other banks in Dutch-speaking Belgium, including the Algemeene Bankvereeniging (ABV, "General Banking Association"), founded in 1921 in
Antwerp Antwerp (; ; ) is a City status in Belgium, city and a Municipalities of Belgium, municipality in the Flemish Region of Belgium. It is the capital and largest city of Antwerp Province, and the third-largest city in Belgium by area at , after ...
, and two banks named (BHN, "Bank for Trade and Industry") respectively in
Ghent Ghent ( ; ; historically known as ''Gaunt'' in English) is a City status in Belgium, city and a Municipalities of Belgium, municipality in the Flemish Region of Belgium. It is the capital and largest city of the Provinces of Belgium, province ...
and
Kortrijk Kortrijk ( , ; or ''Kortrik''; ), sometimes known in English as Courtrai or Courtray ( ), is a Belgian City status in Belgium, city and Municipalities in Belgium, municipality in the Flemish Region, Flemish Provinces of Belgium, province of We ...
. On , ABV and the Volksbank van Leuven merged. The new entity, which kept the name Algemeene Bankvereeniging, was controlled by the Middenkredietkas; in 1930 it acquired BHN Ghent, which in the meantime had merged with a number of other local banks in
East Flanders East Flanders ( ; ; ; ) is a Provinces of Belgium, province of Belgium. It borders (clockwise from the North) the Netherlands, Dutch province of Zeeland and the Belgian provinces of Antwerp (province), Antwerp, Flemish Brabant, Hainaut (provinc ...
, and in October 1931 purchased another financial group, the also known as . The latter combination resulted in the creation in 1931 of the holding company Almanij in Antwerp, which received a number of industrial company stakes. As a consequence, the Boerenbond-controlled banking cluster became one of Belgium's largest credit institutions, able to rival the Banque de Bruxelles and
Generale Bank A general officer is an officer of high rank in the armies, and in some nations' air and space forces, marines or naval infantry. In some usages, the term "general officer" refers to a rank above colonel."general, adj. and n.". OED Online. M ...
. The Boerentoren high-rise building in Antwerp, financed by ABV, was the second-tallest skyscraper in Europe at the time of its completion in 1931, just behind Madrid's
Telefónica Building The Telefónica Building, in Spanish ''Edificio Telefónica'', is a skyscraper in Madrid, Spain, which serves as the registered office of the namesake telecommunications company. It is located in Gran Via 28. At the time of construction it wa ...
(1929). It became the symbol of the Boerengroup's financial might, to the dismay of some of the Catholic clergy including Cardinal Jozef-Ernest van Roey who feared that the farmers' movement was drifting away from its religious roots and towards commercialism.


Kredietbank

With financial stress increasing in the early 1930s, however, the Middenkredietkas accumulated losses and had to declare a moratorium on its liabilities on , followed on by a highly publicized liquidation process. The restructuring, including a reimbursement of depositors that would only be completed in 1963, was directly managed by the Belgian government and led by Albert-Édouard Janssen. On , ABV and BHN Kortrijk merged to form the , commonly known as Kredietbank (KB). The Kredietbank was registered in Antwerp but its actual head office was established in
Brussels Brussels, officially the Brussels-Capital Region, (All text and all but one graphic show the English name as Brussels-Capital Region.) is a Communities, regions and language areas of Belgium#Regions, region of Belgium comprising #Municipalit ...
. Fernand Collin, who became its president in 1938, defined the Kredietbank as an independent bank with a decidedly
Flemish Flemish may refer to: * Flemish, adjective for Flanders, Belgium * Flemish region, one of the three regions of Belgium *Flemish Community, one of the three constitutionally defined language communities of Belgium * Flemish dialects, a Dutch dialec ...
character which would be an instrument to further Flemish economic growth. In 1943, Almanij, which had become Kredietbank's majority owner during the 1935 restructuring, underwent a capital increase. As a consequence, the Middenkredietkas (in liquidation) became a minority shareholder, and the control of the group was transferred to a group of families later known as the "Almanij Syndicate", which by the 1970s included Collin and André Vlerick, a son-in-law of Gustave Sap who had been associated with the Algemeene Bankvereeniging since its creation. In 1949, Kredietbank established its first international subsidiary, Kredietbank SA Luxembourg (known as KBL). In 1951, Kredietbank's shares began listing on the
Brussels Stock Exchange The Brussels Stock Exchange ( ; ), abbreviated to BSE, was founded in Brussels, Belgium, by decree of Napoleon in 1801. In 2002, the BSE merged with the Amsterdam Stock Exchange, Amsterdam, Lisbon Stock Exchange, Lisbon and Paris Bourse, Paris ...
, even though Almanij retained control. In 1952, Kredietbank expanded into the
Belgian Congo The Belgian Congo (, ; ) was a Belgian colonial empire, Belgian colony in Central Africa from 1908 until independence in 1960 and became the Republic of the Congo (Léopoldville). The former colony adopted its present name, the Democratic Repu ...
by establishing a branch in
Léopoldville Kinshasa (; ; ), formerly named Léopoldville from 1881–1966 (), is the capital and largest city of the Democratic Republic of the Congo. Kinshasa is one of the world's fastest-growing megacities, with an estimated population of 17 million ...
, then in 1954 acquired and renamed it Kredietbank-Congo. That operation grew into four branches, in
Léopoldville Kinshasa (; ; ), formerly named Léopoldville from 1881–1966 (), is the capital and largest city of the Democratic Republic of the Congo. Kinshasa is one of the world's fastest-growing megacities, with an estimated population of 17 million ...
(now
Kinshasa Kinshasa (; ; ), formerly named Léopoldville from 1881–1966 (), is the Capital city, capital and Cities of the Democratic Republic of the Congo, largest city of the Democratic Republic of the Congo. Kinshasa is one of the world's fastest-grow ...
),
Bukavu Bukavu is a city in eastern Democratic Republic of the Congo (DRC), lying at the extreme south-western edge of Lake Kivu, west of Cyangugu in Rwanda, and separated from it by the outlet of the Ruzizi River. It is the capital of the South Kivu P ...
, Elizabethville (now
Lubumbashi Lubumbashi ( , ; former ; former ) is the second-largest Cities of the Democratic Republic of the Congo, city in the Democratic Republic of the Congo, located in the country's southeasternmost part, along the border with Zambia. The capital ...
), and Stanleyville (now
Kisangani Kisangani (), formerly Stanleyville (), is the capital of Tshopo, Tshopo Province, located on the Congo River in the eastern part of the central Congo Basin in the Democratic Republic of the Congo. It is the country's fifth-most populous urban a ...
), but was discontinued in 1966 following Belgian Congolese independence in 1960. In 1958, Kredietbank expanded into
Wallonia Wallonia ( ; ; or ), officially the Walloon Region ( ; ), is one of the three communities, regions and language areas of Belgium, regions of Belgium—along with Flemish Region, Flanders and Brussels. Covering the southern portion of the c ...
through the acquisition of local banks, which it merged in 1961 into a newly formed subsidiary named . Kredietbank further built up its international network in the late 1960s, with the opening of offices in
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and
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, then in
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,
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,
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,
Tehran Tehran (; , ''Tehrân'') is the capital and largest city of Iran. It is the capital of Tehran province, and the administrative center for Tehran County and its Central District (Tehran County), Central District. With a population of around 9. ...
,
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,
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, and
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, and branches in
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,
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, the
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, and a subsidiary in
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. In 1970, together with six other European institutions, Kredietbank established the
Inter-Alpha Group of Banks The Inter-Alpha Group of Banks was created in 1971 by six banks in the European Community to provide a platform for the regular exchange of ideas and to explore areas for cooperation between its member banks. The group is a non-hierarchical associat ...
. In 1979, controlling ownership of KBL was transferred from Kredietbank directly to Almanij. In 1982, Kredietbank acquired majority ownership of ''Bankverein Bremen AG'', originally founded in 1889 as ''Bremer Vorschussverein'', and renamed it ''Kredietbank-Bankverein AG'' in 1990, also known as or BKB. In 1996, KBL absorbed . In 1997, Kredietbank expanded into
Hungary Hungary is a landlocked country in Central Europe. Spanning much of the Pannonian Basin, Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and ...
through the privatization of K&H Bank.


ABB and CERA

During the Middenkredietkas's liquidation in March 1935, the Boerenbond renamed its rural cooperatives as , and formed a new central body in Leuven, the (CKL, "Central fund for agricultural credit"). In 1941, its insurance operations developed since the late 19th century were renamed (ABB, "Belgian Farmers' Union Insurance") and in the following decades became one of the largest Belgian insurers. The number of Belgian Raiffeisen banks was about 800 in the early 1970s, then further decreased through consolidation to reach 218 in 1996. In 1970, the CKL changed its name to ("Central Raiffeisen Fund"), which in the late 1970s was abbreviated to CERA; it moved from downtown Leuven to an expansive new office campus in the city's outskirts in 1991. In the mid-1980s, a new legal framework led to the creation in 1986 of CERA Bank as a fully-fledged central banking entity.


1998 Merger and subsequent history

On , CERA Bank, ABB, and Fidelitas (the insurance arm of 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, the former holding company. In 1999, KBC acquired majority control of
Československá obchodní banka Československá obchodní banka, a.s. (ČSOB) is one of the largest commercial banks operating in the Czech Republic. It is a universal bank that offers a full range of banking services to individuals and companies. It operates 280 ČSOB brande ...
, 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 in Slovakia from
BAWAG BAWAG (Abbreviation of , , ) was a bank in Austria founded in 1922. On October 1, 2005, it merged with the separate ''Österreichische Postsparkasse'' (P.S.K.) to form the "Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG", s ...
. 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 The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.
. The bank needed and received support from the
Flemish government The Flemish Government ( ) is the executive branch of the Flemish Community and the Flemish Region of Belgium. It consists of a government cabinet, headed by the Minister-President of Flanders, Minister-President and accountable to the Flemish Par ...
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 The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
. As such, it sold several subsidiaries, including Centea, Fidea, Kredyt Bank, ADB, KBC Deutschland, Absolut Bank and KBL European Private Bankers, the latter being acquired by Precision Capital, owned by
Hamad bin Jassim bin Jaber Al Thani Hamad bin Jassim bin Jaber bin Mohammed bin Thani Al Thani (Arabic: ; born 1959), also known informally by his initials HBJ, is a Qatari politician. He was the Prime Minister of Qatar from 3 April 2007 to 26 June 2013, and foreign minister from ...
, for a reported €1.05 billion in October 2011 and renamed 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 (UBB) and Interlease in Bulgaria. On 7 July 2022 KBC Bank acquired Raiffeisenbank (Bulgaria) EAD from Raiffeisen Bank International and rebranded it 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. On 15 May 2025, KBC announced the acquisition of 365.bank from J&T Finance Group SE for 761 million euros : with this acquisition (and the subsequent merger of 365.bank with KBC-owned ČSOB), KBC will expand its footprint in Slovakia, as 365.bank holds a 3,7% market share as of December 2024.


Structure and main subsidiaries

KBC Group NV is the direct parent company of: *KBC Bank NV *KBC Insurance NV *KBC Global Services NV : provides services to KBC Group NV's activities *Discai NV All other KBC Group companies are direct or indirect subsidiaries of these. The main ones are shown in the table: BEL = Belgium Business Unit, CZR = Czech Republic Business Unit, IMA = International Markets Business Unit, GRP = Group Centre.


KBC Bank NV

KBC Bank is the main subsidiary. Its first home market is Belgium, where it is one of the top three banks, with a 20-25% market share and over three million customers (counting the customers of the subsidiaries in Belgium). Its second home market is Central Europe, served via subsidiaries and investments in the Czech Republic ( ČSOB),
Slovakia Slovakia, officially the Slovak Republic, is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the west, and the Czech Republic to the northwest. Slovakia's m ...
(ČSOB and OTP Banka), Hungary ( K&H Bank) and
Bulgaria Bulgaria, officially the Republic of Bulgaria, is a country in Southeast Europe. It is situated on the eastern portion of the Balkans directly south of the Danube river and west of the Black Sea. Bulgaria is bordered by Greece and Turkey t ...
(CIBank and UBB Bank). In all of these countries, KBC Bank is a leading player by market share. It also had a substantial presence in Ireland through its subsidiary KBC Bank Ireland (formerly IIB Bank). The sale of substantially all assets of KBC Bank Ireland to
Bank of Ireland Bank of Ireland Group plc () is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the bank occupies a unique position in Irish banking history. At ...
was completed on 2 February 2023. In all, KBC Bank has established a presence in some thirty countries. KBC
Project Finance Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. Usually, a project financing structure involves a number of eq ...
is a subsidiary of KBC Bank, and has been an active player in the non-recourse financing of projects since the early 1990s. Headquartered in
Dublin Dublin is the capital and largest city of Republic of Ireland, Ireland. Situated on Dublin Bay at the mouth of the River Liffey, it is in the Provinces of Ireland, province of Leinster, and is bordered on the south by the Dublin Mountains, pa ...
, it also has professionals based in London, Brussels, New York, Hong Kong, and Sydney. Its main business lines are Energy and Infrastructure. This includes financing projects in sectors such as the oil & gas industry, power,
renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...
, and Public-Private Partnership. It has a portfolio in excess of US$5bn, financing approximately 250 projects worldwide.


Notable buildings associated with KBC


Leuven

* The ornate former building of Volksbank van Leuven on , now named after Boerenbond co-founder Joris Helleputte, was erected in 1912–1913 on a design by architects Frans Jr. Vermeylen and . In 1925, the bank annexed the former Hotel d'Eynatten on nearby Eikstraat to be the residence of the bank's director. The complex, later enlarged at the corner of Boekhandelstraat, was purchased by CERA in 2007 from the City of Leuven as its headquarters, for which it erected an award-winning new corner building completed in 2018. * The former office park of CERA outside Leuven, designed by and inaugurated in 1991, is now offices of KBC Group.


Antwerp

* The former head office of Algemeene Bankvereeniging in
Antwerp Antwerp (; ; ) is a City status in Belgium, city and a Municipalities of Belgium, municipality in the Flemish Region of Belgium. It is the capital and largest city of Antwerp Province, and the third-largest city in Belgium by area at , after ...
was a 19th-century mansion reconverted as bank headquarters in 1921–1922 on a design by architect . It was demolished in 1980 to make space for the extension of the , a Catholic school. * The Boerentoren or "KBC Tower" in
Antwerp Antwerp (; ; ) is a City status in Belgium, city and a Municipalities of Belgium, municipality in the Flemish Region of Belgium. It is the capital and largest city of Antwerp Province, and the third-largest city in Belgium by area at , after ...
was erected by Algemeene Bankvereeniging in 1931, initially mostly as a residential building. It was transformed into offices in the late 1960s and used by Kredietbank, then KBC from the 1970s to the 2010s. * The former seat of Almanij in
Antwerp Antwerp (; ; ) is a City status in Belgium, city and a Municipalities of Belgium, municipality in the Flemish Region of Belgium. It is the capital and largest city of Antwerp Province, and the third-largest city in Belgium by area at , after ...
, in the historic Snyderhuis (or Snijdershuis) adjacent to Rockox House on Keizerstraat, is now offices of KBC's Private Banking division.


Kortrijk

* The
art deco Art Deco, short for the French (), is a style of visual arts, architecture, and product design that first Art Deco in Paris, appeared in Paris in the 1910s just before World War I and flourished in the United States and Europe during the 1920 ...
former seat of Bank voor Handel en Nijverheid on Leiestraat 21 in
Kortrijk Kortrijk ( , ; or ''Kortrik''; ), sometimes known in English as Courtrai or Courtray ( ), is a Belgian City status in Belgium, city and Municipalities in Belgium, municipality in the Flemish Region, Flemish Provinces of Belgium, province of We ...
has been repurposed as an annex of
Kortrijk City Hall The City Hall ( Dutch: ) of Kortrijk, West Flanders, Belgium, is situated on that city's Grote Markt (main square), between Leiestraat and Rijselsestraat. The facade in late-Gothic or early Renaissance style is adorned with statues of the Co ...
.


Ghent

* At 118,5 meters it is the highest office in the
Flemish Region The Flemish Region (, ), usually simply referred to as Flanders ( ), is one of the three communities, regions and language areas of Belgium, regions of Belgium—alongside the Wallonia, Walloon Region and the Brussels, Brussels-Capital Region. ...
. In the new building, KBC centralises its services previously scattered around
Ghent Ghent ( ; ; historically known as ''Gaunt'' in English) is a City status in Belgium, city and a Municipalities of Belgium, municipality in the Flemish Region of Belgium. It is the capital and largest city of the Provinces of Belgium, province ...
: Kouterdreef, Kortrijksesteenweg, Bellevue, Zuiderpoort and the education center of Merelbeke.


Brussels

* The former Brussels head office of Kredietbank, then KBC on rue d'Arenberg, 7, was originally built in 1912 by
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
on a design by , with sculpture by Georges Vandevoorde, on the location of the former offices of the Balser private bank which Deutsche had purchased two years earlier. It was acquired by Volksbank van Leuven from the Belgian state in 1928, following the post-WWI termination of Deutsche Bank's activity in Belgium, and revamped for ABV by architect in 1929–1932. KBC left it in stages in the 1990s, and it is now an office complex of the
Flemish Government The Flemish Government ( ) is the executive branch of the Flemish Community and the Flemish Region of Belgium. It consists of a government cabinet, headed by the Minister-President of Flanders, Minister-President and accountable to the Flemish Par ...
known as . * The
art deco Art Deco, short for the French (), is a style of visual arts, architecture, and product design that first Art Deco in Paris, appeared in Paris in the 1910s just before World War I and flourished in the United States and Europe during the 1920 ...
on Rue des Poissoniers / Visverkopersstraat 13 in Brussels, designed by architect and completed in 1931 * The current head office of KBC Group and KBC Bank on Havenlaan 2 in Brussels, was erected in the 1990s to consolidate teams that had been scattered in numerous locations in the city.


Art collection

The private art collection of KBC is situated in the Rockox House in Antwerp.


Awards

In 2019, Harvard Business Review ranked KBC's CEO Johan Thijs as the 8th best performing CEO in the world.


Controversy


Support for apartheid in South Africa

One of Kredietbank's main shareholders in the postwar period, André Vlerick, was actively involved in public advocacy of the
Apartheid Apartheid ( , especially South African English:  , ; , ) was a system of institutionalised racial segregation that existed in South Africa and South West Africa (now Namibia) from 1948 to the early 1990s. It was characterised by an ...
-promoting regime of
South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...
and support of its circumvention of sanctions. In April 2018, NGO
OpenSecrets OpenSecrets is a nonprofit organization based in Washington, D.C., that tracks and publishes data on campaign finance and lobbying, including a revolving door database which documents the individuals who have worked in both the public sector an ...
, in partnership with the Centre for Applied Legal Studies (CALS) at the
Georgetown University Law Center Georgetown University Law Center is the Law school in the United States, law school of Georgetown University, a Private university, private research university in Washington, D.C., United States. It was established in 1870 and is the largest law ...
, filed a complaint at the
OECD The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...
, claiming that KBC and KBL had violated the Organization's Guidelines for Multinational Enterprises in their dealings with South Africa between 1977 and 1994. According to the complaint, KBC and KBL together "were responsible for facilitating up to 70% of all illegal arms transactions that allowed the apartheid government to secretly buy weapons despite mandatory UN arms sanctions." As part of that process, OpenSecrets and CALS submitted a detailed document to the OECD contact points in Belgium and Luxembourg to support their claim. At the same time, hearings were held on the matter at South Africa's People's Tribunal on Economic Crime led by Zak Yacoob in
Johannesburg Johannesburg ( , , ; Zulu language, Zulu and Xhosa language, Xhosa: eGoli ) (colloquially known as Jozi, Joburg, Jo'burg or "The City of Gold") is the most populous city in South Africa. With 5,538,596 people in the City of Johannesburg alon ...
.


Terms of the 1998 merger

In December 1999, the Brussels commercial court ordered CERA Holding to pay an additional 2.48 billion euros to its cooperative shareholders, based on the finding that their contribution had been undervalued in the 1998 merger.


Investment in coal

KBC has been criticised for its investment policies regarding fossil fuels. According to a 2015 report by Belgian NGO Fairfin KBC invested US$2.4 billion between 2004 and 2014 through loans and emitting shares and obligations. In contrast the money allocated to renewable energy was only US$929 million. When KBC reviewed its sustainability policy in 2016, the
Global Network A global network is any communication network that spans the entire Earth. The term, as used in this article, refers in a more restricted way to ''bidirectional'' communication networks based on technology. Early networks such as internationa ...
of
Non-governmental organisation A non-governmental organization (NGO) is an independent, typically nonprofit organization that operates outside government control, though it may get a significant percentage of its funding from government or corporate sources. NGOs often focus ...
cooperating in the field of
private banks Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial assets ...
and sustainability, Banktrack published an analysis acknowledging progress made on fossil fuels, while criticising the exception for the Czech Republic where the bank continues to finance coal, saying “the new general restriction on coal is welcome and positive, however the exception applied to Czech coal companies is concerning." In 2017 the Belgian Climate Coalition published a report charting the investments in fossil fuel of the four major banks in Belgium (KBC, ING, BNP Paribas and Belfius). In this report they attacked the exception for the Czech Republic as well, saying “the exceptions for coal activities in the Czech Republic don’t comply with the strict deadlines imposed by climate science.”


See also

* Paul Borghgraef * Fernand Collin * Luc Debaillie * Frank Donck * Gustave Sap * Jozef Van Waeyenberge * Remi Vermeiren, former president * Philippe Vlerick


References

* Van der Wee, Herman and Van der Wee-Verbreyt, Monique, ''People Make History: The Kredietbank and the Economic Rise of Flanders, 1935-1985'', Brussels, Kredietbank, 1985.


Further reading

*


External links

* * {{DEFAULTSORT:Kbc Bank Financial services companies established in 1935 Banks established in 1935 Banks of Belgium Companies based in Brussels Companies listed on Euronext Brussels Investment banks Investment management companies of Belgium Multinational companies headquartered in Belgium Belgian brands Banks under direct supervision of the European Central Bank Primary dealers