The interest follows the government’s decision to further reduce its stake in ABN Amro. KBC, with a market value of €41.5 billion, is around twice the size of ABN Amro but of a similar balance sheet size (€373 billion versus €385 billion). KBC is more international, with operations in central and eastern Europe, while ABN Amro is concentrated in the Netherlands, Germany and France. Analysts told the FD differences in culture and business models – ABN Amro is a pure bank, while KBC combines banking and insurance – could complicate a deal. ABN Amro declined to comment, the FD said.