KBC, the banking and insurance group from Belgium, announced that it had agreed to sell its Serbian subsidiary KBC Banka. The buyers of the asset are Societe Generale Sribija and Telenor Serbia.

Under the transaction, Telenor would purchase all of the shares of KBC Banka while Societe Generale Srbija would be acquiring the key assets and deposits. 

All the parties had agreed not to disclose any other details of the transaction. This is one of the transactions required by the European Commission as a condition to the receipt of bailout funds. 

Societe Generale has been operating in Serbia for the last 35 years, with 102 brances and a 1,300 employee headcount. The purchase would provide 58 more branches and add on 492 staff. 

For Telenor's part, the purchase would require a banking license as well as a step for its growth in the delivery of advanced financial services to its Serbian clientele.