KBC presents its Report to Society for 2014
For every 100 euros in savings, KBC puts 77 euros back into the economy
In addition to its annual report, KBC Group also published its Report to Society for 2014 today. This report describes how KBC, as a bank-insurer, fulfilled its role in the communities in which it operates over the past year. It includes questions posed by clients, interest groups, staff, shareholders, etc. to KBC and KBC's answers to those questions.
For instance, how much did KBC invest in the economy? KBC wants to stimulate the local economies in each of the core countries (i.e. Belgium, the Czech Republic, Slovakia, Bulgaria and Hungary) in which it is present. In Belgium, the answer was that for every 100 euros the group held in clients' savings, it reinvested 62 euros in the economy in the form of loans to individuals, companies and government projects, put 15 euros into Belgian sovereign bonds, and used the other 23 euros for operating capital.
The Report to Society also includes a summary of the taxes that KBC paid to the governments in the countries it which it operates as a bank-insurer. In total, the group paid just under one billion euros in taxes.
KBC continued to work on its future in 2014, completing its divestment programme, and paying a second instalment (totalling 0.5 billion euros) to the Flemish Regional Government at the start of the year. The report sets out in detail how far on KBC now is with the divestment plan agreed with the European Commission and how much the group still has to repay in state aid.
The report also paints a picture of how KBC assumes its role in society, how it takes account of its stakeholders and how it is working on its own future and that of its clients.
The full Report to Society is available at www.kbc.com and is being distributed to clients through KBC branches.