KBC Bank expecting €510m losses

KBC Bank is warning of huge losses in the final three months of the year.

The bank says it now expects €510m of losses as a result of restructuring mortgage loans and a further loss of €161m on its corporate loan book.

KBC says the losses will reduce in the next couple of years and the bank will be profitable from 2016.

The Belgian-owned company has also announced that its chief executive John Reynolds is stepping down from his position, after nearly 30 years.