KBC Acquires the Remaining 40% of UBB-Metlife

Business | January 3, 2018, Wednesday // 15:29| Views: | Comments: 0
  • Send to Kindle
Bulgaria: KBC Acquires the Remaining 40% of UBB-Metlife Peter Andronov

The owner of UBB, the Belgian bank-insurance group KBC, acquires the remaining 40% of the life insurance company UBB-Metlife, the bank said.

The agreement between Metlife and KBC was reached on December 29, 2017. The Belgian group will acquire Metlife's stake through its Bulgarian insurance company DZI. Transaction price is not reported. It is only indicated that "the financial impact of this transaction on KBC and Metlife is negligible". The announcement also states that the deal is still subject to regulatory approval and is expected to be completed in the second quarter of 2018.

KBC acquired 60% of UBB-Metlife for the purchase of UBB and the other companies owned by the Greek NBG in 2017. The price it paid for the bank and the other companies was 610 million euros. The remaining 40% of the mixed life insurance company was not the subject of last year's deal, with separate dealings with the owner of the Metlife insurer. Now 60% of UBB-Metlafe will move to DZI together with newly acquired 40%. Thus, DZI acquires 100% of the ownership of UBB-MetLife and the products will be offered by DZI. After the deal is completed, KBC will, through DZI, service the insurance policies of existing UBB-Metlife clients until their expiration.

UBB-Metlife's life insurance products are sold only in the branches of UBB. The company has a 10% market share in the Bulgarian life insurance market and offers a full range of life insurance products. Combined DZI and UBB-Metlife will have a 21% market share in the Bulgarian life insurance market.

The announcement states that the Bulgarian market is one of the main markets for KBC. KBC Group Chief Executive Officer Johannes Tees commented that the deal strengthens its position on the local market.

Business » Be a reporter: Write and send your article
Tags: KBC, acquire, insurance
Expats.bg All Are Welcome! Join Now!
Advertisement
Advertisement
Please, log in to post a comment.
» To the forumComments (0)
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria