KBC Closes Acquisition of Economic and Investment Bank
On 22 November, KBC received the approval of the National Bank of Bulgaria to acquire a majority stake in Economic and Investment Bank (EIB). On 15 November 2007, KBC had already received the approval of the Bulgarian Competition Authority. KBC Group now owns 75% of EIB. Ms Tzvetelina Borislavova retains a minority shareholding of 22.3% in the bank and remains KBC’s partner in Bulgarian banking activities. At a joint press conference in Sofia, KBC Group and EIB revealed their future plans in Bulgaria. In the coming months, KBC and the management of EIB will thoroughly review and update the strategy, focussing on optimising the branch network, introducing bancassurance with DZI Insurance (which KBC acquired earlier this year) and optimising or setting up certain business lines such as asset management, private banking, car leasing or treasury operations.