Belgian-based bancassurers KBC Group has won an auction to take 92.5% of Absolut Bank in Russia for $1.01 billion. Baker & McKenzie advised KBC Group throughout the process that began in the fourth quarter of 2006. At this stage, there were over 20 potential bidders, but by the end there were only two rivals. The other bidders had to withdraw due to their own involvement in other European M&A deals.
April 25 2007