KBC Acquires 70% Stake in DZI Insurance
KBC and Kontrakt Sofia have reached an agreement whereby KBC will acquire 70% ownership of DZI Insurance for €185m. Following the acquisition, KBC will launch a public bid for the remaining 30%. As part of the deal, KBC will also acquire DZI INVEST, a securities broker active on the Bulgarian Stock Exchange. The deal is subject to approval by the Bulgarian regulatory authorities. KBC intends to finalise the transaction as soon as possible. With this deal, KBC becomes the first Belgian investor in the Bulgarian financial sector since Bulgaria’s entry into the European Union on 1 January 2007.