Birmingham law firm Wragge & Co has advised the KBC group on the sale of its asset-based lending division, KBC Business Capital, to NYSE-listed PNC Financial Services Group for an undisclosed sum.

Corporate partner Richard Haywood, banking partner Paula Laird and corporate director Gareth Baker led a cross-border team on the deal.

The disposal, which creates new entity PNC Financial Services, is part of KBC’s strategy to refocus on its core markets.

Paula Laird said: “This highly complex, cross-border transaction called upon expertise from across the firm. The intricacies of the loans transferring from KBC to the buyer demanded technical know-how and a pragmatic approach.”

PNC is one of the largest diversified financial services organisations in the United States, with assets of $262 billion as of June 2010 30. Linklaters advised PNC.

KBC Business Capital is the specialist asset-based lending division of Belgian banking Group KBC Bank NV.

It funds mid-sized businesses in the UK with funding requirements starting at £2 million. Wragge & Co has been on KBC’s legal panel since 2008, advising on asset-based lending, property finance, corporate banking and employment.

A long-standing legal adviser, the firm’s instructions from the bank include advising on its £31 million financing of Burn Stewart Distillers Limited.

Wragge & Co has 124 partners operating from six offices.