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Brussels - Belgium will inject €3.5bn euros into KBC bank after heavy share price falls forced the company to seek recapitalisation support, the bank said in a statement on Monday.
"KBC will issue €3.5bn (worth) of shares to the Belgian state, in line with similar initiatives elsewhere in the world," the bank said following weekend talks with the government.
The bank said there would be no dilution of existing shareholders' capital and that the state would not have any voting rights.
KBC had been the only major bank in the country 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.
- AFP