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Thu 11 Nov 2009KBC Ireland shows that money still talks
CANTILLON:MANAGEMENT AT KBC Bank Ireland are presumably breathing a sigh of relief. The Irish operation failed to tick many boxes in the analysis done by its parent of what should stay and what should go under the restructuring plan approved by Brussels yesterday, but it has avoided the chop due its strong profitability.
KBC Ireland accounted for 10 per cent of group profits (€68 million out of €680 million) in the first nine months of the year and this, combined with its reasonably strong market position, seems to have saved it from the chop and it has been put in the “keep and review” category.
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