Note 40: List of significant subsidiaries and associated companies (continued) Ownership percentage at Registered office group level
Company KBL EPB Fully consolidated subsidiaries Brown, Shipley & Co. Limited KBL Richelieu Banque Privée KBL European Private Bankers SA KBL (Switzerland) Ltd. Merck Finck & Co. Puilaetco Dewaay Private Bankers SA Theodoor Gilissen Bankiers NV KBC GROUP NV (other direct subsidiaries) Fully consolidated subsidiaries KBC Global Services NV KBC Group NV
London – GB Paris – FR Luxembourg – LU Geneva – CH Munich – DE Brussels – BE Amsterdam – NL
Business unit*
Activity
99.91 99.91 99.91 99.90 99.91 99.91 99.91
EPB EPB EPB EPB EPB EPB EPB
Credit institution Credit institution Credit institution Credit institution Credit institution Credit institution Credit institution
Brussels – BE Brussels – BE
100.00 100.00
GC GC
Cost-sharing structure Holding company
* Abbreviations: B = Belgium; CEER = Central & Eastern Europe and Russia; MB = Merchant Banking; EPB = European Private Banking; GC = Group Centre.
• For a complete list of the companies included in or excluded from the scope of consoli dation, as well as all associated companies, as at 31 December 2009, see www.kbc.com (Group profile/Organisational structure).
Note 41: Main changes in the scope of consolidation Parent company
Company
Consolidation method
Additions None – Exclusions None – Changes in ownership percentage and internal mergers KBC Bank CIBANK AD KBC Bank Istrobanka KBC Bank KBC Bank Nederland
Ownership percentage at group level 31-12-2008 31-12-2009
Comments
–
–
–
–
–
–
–
–
Full Full Full
77.09 100.00 100.00
81.69 – –
– Merged with CˇSOB (Slovakia) in 3Q 2009 Merged with KBC Bank NV in 2Q 2009
Note 42: Post-balance-sheet events Events after balance sheet date are those events, favourable and unfavourable, that occur between the balance sheet date (31 December 2009) and the date when the financial statements are authorised for issue by the Board of Directors. They include both adjusting events after balance sheet date (events that provide evidence of conditions that existed at the balance sheet date) and non-adjusting events after balance sheet date (events that are indicative of conditions that arose after the balance sheet date). Adjusting events in principle lead to an adjustment of the financial statements for the financial period preceding the event, whereas non-adjusting events in principle only influence the financial statements for the following period.
The main non-adjusting events after balance sheet date were: • 24 February 2010: as part of the new strategy that focuses on the group’s home markets, KBC sold its US reverse mortgage loan portfolio (World Alliance Financial Corp.) held by KBC Financial Products. Although the financial impact of this transaction is limited, it reduces KBC’s risk profile and frees up some 0.8 billion US dollars in cash. • In the first half of 2010, KBC will significantly reduce its credit default swap position, as part of its restructuring of KBC Financial Products. This will ultimately lead to a reduction in regulatory capital requirements.
KBC annual report 2009
141