The deal will see 75 per cent of the company owned by the staff and 25 per cent by external investors, including the UK managing director of Insurance Australia Group Neil Utley.
London-based KBC Peel Hunt is a stockbroking and advisory firm catering to the small and mid-cap market. Founded in 1989 as Peel Hunt, the firm was acquired by KBC Bank and Insurance Holding Company in 2001 to become KBC Peel Hunt. All 136 staff will remain with the AIM-listed firm upon completion of the deal, which is subject to regulatory approval.
Simon Hayes, CEO of KBC Peel Hunt says: ‘Today marks an important milestone for KBC Peel Hunt. Our priority is to benefit our clients and staff and to help KBC Peel Hunt grow its already strong franchise. We now have the right structure to develop a leading independent mid and small cap UK broker.’
Brussels-based KBC is a bancassurance group mainly serving retail customers and small and medium-sized companies. The group focuses on the European market and employs around 54,000 staff globally. In 2009 KBC Group made a profit of €1.7 billion (£1.4 billion) on a turnover of €9.1 billion.
Luc Popelier, CEO of KBC Group’s market activities, comments: ‘The agreement announced today marks another step in the implementation of KBC’s strategy, which focuses on its core markets and customers and on a reduced risk profile.’