KBC Bankverzekeringsholding N.V.

KBC Group is a bank-insurance group engaged in providing products and services mainly to retail, private banking, SME and mid-cap clients. Co. focuses on its primary markets of Belgium, the Czech Republic, Slovakia, Hungary and Bulgaria. Co. is also present in Ireland and, to a limited extent, in several other countries to support corporate clients from its primary markets. Co.'s main brands are KBC and CBC in Belgium, CSOB in Czech Republic and Slovakia, K&H in Hungary, CIBANK and DZI Insurance in Bulgaria, and KBC Bank Ireland in Ireland. As of Dec 31 2014, Co. had 1,601 bank branches. In addition, Co. had total assets of Euro245.17 billion.
  • TickerKBC
  • ISINBE0003565737
  • ExchangeEuronext Brussels
  • SectorBanks
  • CountryBelgium

Analysts

ING
ING Helpdesk

Benelux Morning Notes

ABN AMRO: Focus on NII, KYC and cost control. Euronav: 3Q19 in line, 4Q outcome difficult to predict. KBC: Decent performance expected in challenging market conditions. Kinepolis: Approval no longer needed to open new cinema complexes in Belgium. NN Group: New CEO, consistent messaging expected. Telenet Group: 3Q19 preview

Ibrahim Firdaus

KBC Group NV

Ibrahim Firdaus

KBC Group NV

Jean Sassus ...
  • Steven Gould

ODDO : Foreign currency loans in Poland – clarification expected tomorrow

>Dispute involving Swiss franc mortgages in Poland - Polish banks carry € 28bn in mortgages denominated in Swiss francs, or around one-third of total mortgages. Given the depreciation of the Polish zloty vs the Swiss franc in recent years, many clients are unable to repay their loans. As a result, a number of lawsuits are ongoing. The European Court of Justice is expected to rule tomorrow on the Raiffeisen case. The ruling is likely to “set out” the impacts to be expe...

Jean Sassus ...
  • Steven Gould

ODDO : Crédits en devises en Pologne – Clarification attendue dès demain

>Contentieux sur les mortgages en CHF en Pologne - Les banques polonaises portent 28 Md€ de mortgages en CHF soit environ 1/3 du total des mortgages. Compte tenu de la dépréciation du PLN vs CHF au cours des dernières années, beaucoup de clients ne sont pas en mesure de rembourser ces crédits. En conséquence, de nombreuses actions en justice sont en cours. La Cour de Justice Européenne devrait se prononcer demain sur le cas de Raiffeisen. Cette décision devrait « cadr...

KBC Group N.V.: Update to credit analysis

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

KBC Group N.V: Update following affirmation at Baa1, outlook changed to positive

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

KBC Group N.V.: Semiannual update

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

KBC Group N.V.: Semiannual update

Our credit view of KBC Group N.V. reflects solid fundamentals resulting from strong banking franchises in Belgium and CEE countries, as well as insurance and asset management activities.

Moody's assigns Ba1(hyb) rating to KBC Group N.V.'s low-trigger AT1 securities

Moody's Investors Service today assigned a Ba1(hyb) rating to the low-trigger EUR1 billion additional tier 1 (AT1) securities issued by KBC Group N.V., holding company for KBC Bank N.V., on 24 April 2018. The perpetual non-cumulative AT1 securities rank junior to Tier 2 capital, pari pass...

ING
ING Helpdesk

Benelux Morning Notes

ABN AMRO: Focus on NII, KYC and cost control. Euronav: 3Q19 in line, 4Q outcome difficult to predict. KBC: Decent performance expected in challenging market conditions. Kinepolis: Approval no longer needed to open new cinema complexes in Belgium. NN Group: New CEO, consistent messaging expected. Telenet Group: 3Q19 preview

Ibrahim Firdaus

KBC Group NV

Ibrahim Firdaus

KBC Group NV

Jean Sassus ...
  • Steven Gould

ODDO : Foreign currency loans in Poland – clarification expected tomorrow

>Dispute involving Swiss franc mortgages in Poland - Polish banks carry € 28bn in mortgages denominated in Swiss francs, or around one-third of total mortgages. Given the depreciation of the Polish zloty vs the Swiss franc in recent years, many clients are unable to repay their loans. As a result, a number of lawsuits are ongoing. The European Court of Justice is expected to rule tomorrow on the Raiffeisen case. The ruling is likely to “set out” the impacts to be expe...

Jean Sassus ...
  • Steven Gould

ODDO : Crédits en devises en Pologne – Clarification attendue dès demain

>Contentieux sur les mortgages en CHF en Pologne - Les banques polonaises portent 28 Md€ de mortgages en CHF soit environ 1/3 du total des mortgages. Compte tenu de la dépréciation du PLN vs CHF au cours des dernières années, beaucoup de clients ne sont pas en mesure de rembourser ces crédits. En conséquence, de nombreuses actions en justice sont en cours. La Cour de Justice Européenne devrait se prononcer demain sur le cas de Raiffeisen. Cette décision devrait « cadr...

1 director bought

A director at KBC Groupe SA bought 20,000 shares at 53.440EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boa...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/09/2019

...

Benoit Valleaux ...
  • Emira Sagaama
  • Harald Eggeling
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/08/2019

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Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2019

...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Delphine Brault
  • Jean Sassus
  • Louis Boujard
  • Philippe Ourpatian
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/05/2019

...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

KBC GROEP NV sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of KBC GROEP NV (BE), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 57.66 and its potential was estimated at EUR 61.36.

Ibrahim Firdaus

KBC Group

Ibrahim Firdaus

KBC Group

Ibrahim Firdaus

KBC Group

Ibrahim Firdaus

KBC Group

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Nadège Tillier

Coffee, Croissants & Credit/BT Group and KBC

Fitch maintains BT Group at BBB; outlook stable

ING
Suvi Platerink Kosonen

Benelux Bank Green Bonds/Looking for green value

Benelux issuers were the first banks to print euro-denominated green senior unsecured bonds in 2015. Since then the Benelux bank green bond universe has grown to €6bn, with €1,250m issued in 2019 to date. We expect both new issuers and repeat issuers to support the growth of the green bond market. We see value in ABN AMRO green 25s, while the green KBC trades at very tight levels limiting performance potential. The green LeasePlan offers value vs green comps.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/KBC, Coca-Cola HBC, Deutsche Telekom and Fedex

KBC Group reports stable capital metrics, KBC bail-in senior provides an attractive pickup versus Rabobank

ING
Marcel Klok ...
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX + Financials/Possible CSPP inclusion and limited TLTRO impact favour preferred senior

Strategy and Supply: Go long preferred senior versus covered bonds and bail-in senior. USD senior favoured over EUR senior. More bail-in senior supply expected at current low yield and tighter spread levels

ING
Suvi Platerink Kosonen

KBC Group/Green KBC looks tight, value in T2/PREFERRED

KBC Group earnings suffered from revenue headwinds and higher credit costs leading to a sluggish set of numbers for 1Q19. Despite the softening, KBC's profitability remains at solid levels, and its capital ratios are strong. KBC could issue a further

MarketLine Department

BNP Paribas Fortis SA/NV - Strategy, SWOT and Corporate Finance Report

Summary BNP Paribas Fortis SA/NV - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights BNP Paribas Fortis SA/NV (BNP Paribas Fortis), a subsidiary of BNP Paribas SA, offers retail and private banking, corporate banking, investment banking, and investment solutions. It provides accounts, cards, loans, life and non-life insurance, online and mobile banking, and wealth ma...

MarketLine Department

Argenta Bank- en Verzekeringsgroep nv - Strategy, SWOT and Corporate Finance Report

Summary Argenta Bank- en Verzekeringsgroep nv - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Argenta Bank- en Verzekeringsgroep nv (Argenta), a subsidiary of Investar Nv, is a mixed financial holding company, which provides banking, insurance, and related financial solutions, through its subsidiaries. The company offers a range of accounts and deposit services s...

Expert Corporate Governance Service (ECGS)

KBC Group - AGM and EGM 02 May 2019

ORDINARY GENERAL MEETING: In general, KBC is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 6, the board of directors seeks approval of the Company's remuneration report. ECGS has various concerns over the Company's remuneration policy and therefore recommends to vote OPPOSE. Under ITEMS 11a-10e, the (re-)election of the board of directors is proposed. In light of insufficient independent representation on the board, ECGS recommends to vote OPPOSE to the (re-)election of: Alain Bostoen (ITEM 11b), Franky Depi...

KBC Group – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

KBC - proxy report- 04/10/2018

In general, KBC is in compliance with the Belgian regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM 2.1, the board of directors seeks authorisation to increase the Company's share capital (without pre-emptive rights) up to a maximum nominal value of EUR 291 million. Under the authorisation, the board of directors is entitled to waive shareholders' pre-emptive rights and the authority will remain in effect for 5 years following the date of decision (i.e. until 2023). In aggregate, the authorisation requested is limited to 19.99% of the Comp...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/05/2017

In general, KBC is in compliance with the Belgian regulations relating to the organization and procedures of the Annual General Meeting.Under ITEM 6, the Board of Directors seeks approval for the Company's remuneration report. Given the lack of transparency, we recommend opposition.Under ITEMS 9a-9e, it is proposed to (re-)elect several members to the Board of Directors. In light of our concerns over insufficient independent representation on the Board, we recommend opposing the (re-)election of Ms. Katelijn Callewaert (ITEM 9a),Mr. Matthieu Vanhove (ITEM 9b), Mr. Walter Nonneman (ITEM 9c) and...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

Jérôme VINERIER

Short term view - KBC : Falling prices.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €60.26. The background trend would be questioned should prices rise above €66.90.

Jérôme VINERIER

Analyse court terme - KBC : Les prix baissent.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 60,26 €. La tendance de fond serait remise en cause en cas de franchissement de 66,90 €.

Jérôme VINERIER

Short term view - KBC : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €60.26, then €55.46. Passing €66.90 would question the continuation of the fall.

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