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KB: Repays subordinated debt

KB: Repays subordinated debt

30.1.2012 9:30
Autor: Redakce, Patria.cz

Komercni Banka has repaid subordinated loan of CZK 6bn taken in 2006 from parent company Societe Generale. The repayment of the Subordinated Loan which was part of the regulatory Tier 2 capital for the capital adequacy had been a subject to notification and negotiation with the Czech National Bank as a supervisory authority and of negotiation with defined international financial institutions as creditors of the KB. Since the result of all these negotiations was positive and KB has had a strong capital position KB realized the repayment of the Subordinated Loan on January 27, 2012.

"KB Group shows a high level of capital adequacy on the consolidated basis of 16.0% as of September 30, 2011, of which the Subordinated Loan contribution was only 1.7%. After the repayment of the Subordinated Loan, KB Group has the capacity to develop its business activities aimed at clients' financing and servicing. At the same time KB Group capital adequacy level is more than sufficient in comparison with both the regulatory minimum and the expected increasing regulatory requirements resulting from the gradual implementation of the Basel 3 new rules," the bank said in a statement.


KBC Securities view:
This could have some pressure on the dividend payout, as according to the management it is expected to have some 0.5pp negative impact on the tier 1 ratio (14.7% in 3Q11). However, it was already flagged by the bank already. We expect the news to have a neutral trading impact.


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