Bulgaria's UBB Bank Changes Owner

Finance | December 31, 2016, Saturday // 10:11|  views

File photo

Belgium-based KBC group has finalized the purchase of the United Bulgarian Bank (UBB) and leasing company Interlease, according to its own statement.

The deal, with a price tag of EUR 610 M, gives KBC control over 99.9% of the bank's shares and 100% of Interlease.

KBC is the owner of CIBank and insurance company DZI in Bulgaria.

UBB was until now owned by the National Bank of Greece (NBG) and the fourth-largest bank in Bulgaria with BGN 7.1 B in assets, having taken over from Corporate Commerical Bank (KTB) as the latter collapsed.

Its merger with CIBank (whose assets were BGN 2.8 B as of September) will form the third-largest bank in Bulgaria in terms of size of the bank assets, with a share of around 11%.

The deal requires approval from the Bulgarian National Bank, the central bank of Belgium, the Financial Supervision Commission, and the European Central Bank.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Tags: United Bulgarian Bank, UBB, KBC, CIBANK, DZI


» Related Articles: