Centea

Centea was a Belgian retail bank that operated as an independent brand from 1997 until 2013. It was created through the merger of two long-established savings and mortgage institutions: Spaarkrediet (founded in 1919 as L'Union Immobilière) and HSA (Hypotheek en Spaarmaatschappij van Antwerpen, founded in 1938). The combined entity was headquartered at the Mechelsesteenweg in Antwerp and distributed its products through a network of independent agents rather than a traditional branch network. The Centea name was formally adopted in 1999, two years after the merger. For most of its existence Centea was part of the KBC Bankverzekeringsgroep (KBC banking and insurance group), which itself traced its roots to the former Kredietbank. Centea focused on savings accounts, mortgage loans and related retail banking services for Belgian households. Its agent-based model gave it a distinct position in the Belgian market, complementing KBC's own branch network. The 2008–2009 financial crisis reshaped Centea's fate. In 2009 KBC, having received state aid, submitted a restructuring plan to the European Commission and was required to divest several activities, including the healthy Centea. The sale was announced in early March 2011: KBC sold Centea to Landbouwkrediet for €527 million. To help finance the acquisition, Landbouwkrediet's shareholders — the cooperative holdings Lanbokas and Agricaisse — injected an additional €150–200 million in capital, while the French co-shareholder Crédit Agricole provided pre-financing. After the takeover, Centea and Landbouwkrediet continued to operate separately for about two years while their merger was prepared. On 1 April 2013 the combined bank continued under the name Crelan, and the Centea brand disappeared from the Belgian market. Centea thus represents a transitional chapter in Belgian retail banking: a savings-bank heritage brand that was consolidated first into KBC and then into the cooperative Crelan group.

Centea's history is a story of consolidation among Belgian savings and mortgage institutions. Its oldest component, Spaarcentrale, was founded on 26 May 1917 as the Centrale Hypotheek- en Verzekeringskas. Spaarkrediet itself was established in 1919 under the name L'Union Immobilière and focused primarily on the mortgage market. HSA (Hypotheek en Spaarmaatschappij van Antwerpen) was founded in 1938 with the main task of attracting savings deposits and reinvesting them in government funds and mortgage loans. HSA had already merged with Spaarcentrale in 1975 and had taken over Landsspaarkas in 1984. Both Spaarkrediet and HSA were part of the group around the former Kredietbank, which later became KBC. In 1997 the two banks merged to form a single entity, and in 1999 the name was changed to Centea. The bank was headquartered at the Mechelsesteenweg in Antwerp and operated through a network of independent agents. It was part of the KBC Bankverzekeringsgroep until 2011. The 2008–2009 credit crisis and the state aid received by KBC led to a restructuring plan submitted to the European Commission in 2009. The Commission required KBC to slim down significantly and divest several activities, including the healthy Centea. The proceeds were to help repay the state aid, calculated at €10 billion. The intention was to sell Centea either to a smaller Belgian player or to a foreign group not yet active in Belgium. In early March 2011 the sale was announced: KBC sold its subsidiary to Landbouwkrediet for €527 million. To help finance the purchase price, Landbouwkrediet's shareholders contributed an additional €150–200 million in capital, coming from the cooperative holdings Lanbokas and Agricaisse, which in turn would raise the money from savers at Landbouwkrediet or Centea. In the meantime, the French co-shareholder Crédit Agricole provided pre-financing. After the transfer to Groep Landbouwkrediet in 2011, the two banks continued to operate separately for about two years while the merger was gradually prepared. From 1 April 2013 the combined bank continued under the name Crelan, ending Centea's existence as a distinct brand.

• 2013

  From 1 April, Centea and Landbouwkrediet continued under the name Crelan.

• 2011

  Sale of Centea by KBC to Landbouwkrediet announced in early March for €527 million.

• 2009

  KBC submitted a restructuring plan to the European Commission, leading to the required divestment of Centea.

• 1999

  The merged bank changed its name to Centea.

• 1997

  Spaarkrediet and HSA merged to form a single bank, the basis of Centea.

• 1984

  HSA took over Landsspaarkas.

• 1975

  HSA merged with Spaarcentrale.

• 1938

  HSA (Hypotheek en Spaarmaatschappij van Antwerpen) founded to attract savings and reinvest in government funds and mortgage loans.

• 1919

  Spaarkrediet founded as L'Union Immobilière, focusing on the mortgage market.

• 1917

  Spaarcentrale founded on 26 May as Centrale Hypotheek- en Verzekeringskas, the oldest component of the later Centea group.

Belgian retail savings and mortgage bank operating through independent agents

• Savings accounts

• Mortgage loans

• Retail banking services via independent agents

1. 1Centea - Wikidatawikidata.org
2. 2Centea - Wikipedia (Dutch)nl.wikipedia.org