As expected, KB’s board of directors resigned on Friday and a new board was appointed in its place (made up of three Societe Generale representatives, plus T. Spurny and P. Palecka of KB) following the signing of the purchase agreement and the transfer of Societe Generale’s payment for the 60% stake in KB. At KB’s EGM today, Societe Generale will take over control of the bank, and approve the board changes. SG and KB may talk about their new strategy at a press conference scheduled for noon (CET) today.
Separately, the Fitch rating agency on Friday upgraded its long-term rating for KB from BBB- to BBB, removed KB from its Rating Watch Positive and gave KB a “Stable” outlook, all this in response to the privatization transaction being closed.
(Ondrej Datka)