KKR along with three other bidders has reached the second round of bidding for KBC Group’s private banking arm KBL European Private Bankers, Reuters reports. KBC is required to offload its business as part of a restructuring required by the European Commission. The second round of bidding will start in September. Societe Generale and Royal Bank of Canada may also be interested in KBL. In March 2011, KBC attempted to sell KBL to Indian family-owned investment firm Hinduja Group for €1.35 billion; however, the deal fell through.
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