Bulgaria’s competition regulator gave the green light to Belgium-based KBC Bank to acquire 100 percent direct interest in Raiffeisenbank Bulgaria and indirect control of the target company’s wholly-owned units Raiffeisen Leasing Bulgaria, Raiffeisen Asset Management (Bulgaria), Raiffeisen Insurance Broker, and Raiffeisen Service.
Raiffeisenbank Bulgaria was Bulgaria’s sixth-largest lender by assets among 25 licensed banks and branches of foreign banks at the end of January.
KBC Group has been present in the Bulgarian financial sector since 2007. Earlier this year, KBC acquired the Bulgarian life insurance and pension fund activities of Dutch-based NN Group.
