TRANSACTION SUMMARY

On 21 May 2010, the Hinduja Group announced the acquisition of KBL European Private Bankers (KBL) from KBC Group for a total consideration of €1.35bn. The transaction comprises the sale of KBC’s entire interest in KBL and includes all the private banking subsidiaries as well as the custody and life insurance businesses. The KBL brand, management team and operations will be maintained in their entirety and KBL will continue to be headquartered in Luxembourg.

The transaction ultimately did not complete.

HINDUJA GROUP

The Hinduja Group is a diversified international group founded in 1914 and employing over 50,000 people. It is headquartered in Europe and has offices in many of the largest cities in the world and all major cities in India. The Group has a 30-year history of long-term investments in 10 key sectors covering automotive, energy, hydrocarbon chemicals, information technology, media,and entertainment, infrastructure and project development, real estate, healthcare, trading and banking and finance.

In the banking sector, the Hinduja Group owns Hinduja Bank Switzerland, a private bank active across Europe, the Middle East and India in wealth management, private banking, trade finance and corporate advisory services. It was founded in Switzerland in 1978 and has held a Swiss banking license since 1994. It is headquartered in Geneva with operations in Switzerland, Dubai, the UK, France, the US, Mauritius and India.

KBL

KBL epb operates a unique private banking business model focused on local client service supported by centralised operations. This model has resulted in the global-hub concept based in Luxembourg with control functions such as audit, compliance and risk management. KBL operates some of the strongest brands in leading European markets, including Theodoor Gilissen Bankiers (Netherlands), Merck Finck & Co (Germany), Puilaetco Dewaay (Belgium), Brown Shipley & Co (United Kingdom) and KBL epb Richelieu Banque Privée (France).

At the end of 2009, KBL had assets under management totalling €47bn. The group employed 2,661 staff, 466 of whom are private bankers.

ROLE

SHP acted as financial adviser to the Hinduja Group.