Serbia's KBC ad Beograd is planning to launch KBC Asset Management structured funds in its nascent mutual funds market.
“Although the country's current fund legislation does not address structured products... We hope to seek permission for the launch of these funds with the local regulator in the course of 2009,” said KBC general director for Central and Eastern Europe, Johan De Ryck.
"Although the capital-protected funds we are looking to launch will be an unfamiliar novelty, they may just be a hit,” he said.
The Serbian market so far comprises 13 funds, all of which are open-ended, 11 of which are growth funds and two of which are balanced funds. Since the beginning of 2008, these funds have lost, on average, 23%.
KBC has so far launched 237 capital-guaranteed funds in the Czech Republic,64 in Slovakia and 42 in Poland.
The Belgian KBC Group became majority shareholder of the former A Banka a year ago. A Banka changed its name to KBC Banka ad Beograd earlier this year.
Over the past decade, KBC has built a strong presence in Poland, Hungary, the Czech Republic and Slovakia. More recently, the group has made acquisitions in Bulgaria (DZI Insurance, DZI Invest en EIBank), Romania (KBC Securities, formerly Swiss Capital, Romstal Leasing and INK Insurance Broker), Russia (Absolut Bank) and Slovakia (Istrobanka).
