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BRUSSELS, Nov 12 (Reuters) - Belgian banking and insurance group KBC will partly float operations in the Czech Republic and Hungary to secure European Union approval for receiving state aid, business daily De Tijd said on Thursday. KBC, into which the Belgian and Flemish regional governments have pumped 7 billion euros ($10.5 billion), has previously said it aimed to keep growing in central and eastern Europe and did not wish to divest its insurance activities.
De Tijd said that KBC would float 40 percent of its Czech unit CSOB and 40 percent of K&H Bank in Hungary. The operation, possibly to be carried out before mid-2010, could raise more than 1 billion euros, the newspaper said. No one was immediately available at KBC for comment. KBC will report third-quarter results on Friday and plans to hold an investor day on December 4, when it has said it intends to detail its new business plan. (Writing by Philip Blenkinsop; Editing by Lincoln Feast) ($1=.6674 Euro) Keywords: KBC/ (philip.blenkinsop@thomsonreuters.com; +32 2 287 6838; Reuters messaging: philip.blenkinsop.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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