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Belgian KBC Wraps up Acquisition of 70% in Bulgaria's DZI Insurance
Business | August 3, 2007, Friday // 00:00
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DZI Insurance and DZI Bank were part of the financial group built by banker Emil Kyulev who was shot dead in October 2005. Photo by Yuliana Nikolova (Sofia Photo Agency)
Belgian financial services group KBC finalized the acquisition of 70% stake in Bulgarian insurer DZI Insurance after getting the approval of the regulatory authorities.
KBC agreed to buy 70% in former state insurer DZI, which remains the market leader in the country of 7.7 million, from Bulgarian firm Kontrakt Sofia for EUR 185 M.
KBC will launch a public bid to buy the remaining 30% stake in the short term.
As part of the deal, KBC will also acquire DZI INVEST, a securities broker active on the Bulgarian Stock Exchange.
DZI Insurance was created as a state insurer in 1946 and has more than 60 years of experience, knowledge and understanding of the markets and customers in all insurance segments.
The insurer and the DZI Bank were part of the financial group built by banker Emil Kyulev who was shot dead October 2005.
His spouse Vesela Kyuleva has since agreed to sell her majority stake in the bank to Greece's Eurobank EFG Ergasias for EUR 158 M.
DZI Insurance, with a market capitalisation of BGN 803 M (approximately EUR 410 M, as per 26 January 2007, including the proceeds from the sale of DZI Bank to Greece's Eurobank) is the sixth largest public company in Bulgaria.
KBC agreed to buy 70% in former state insurer DZI, which remains the market leader in the country of 7.7 million, from Bulgarian firm Kontrakt Sofia for EUR 185 M.
KBC will launch a public bid to buy the remaining 30% stake in the short term.
As part of the deal, KBC will also acquire DZI INVEST, a securities broker active on the Bulgarian Stock Exchange.
DZI Insurance was created as a state insurer in 1946 and has more than 60 years of experience, knowledge and understanding of the markets and customers in all insurance segments.
The insurer and the DZI Bank were part of the financial group built by banker Emil Kyulev who was shot dead October 2005.
His spouse Vesela Kyuleva has since agreed to sell her majority stake in the bank to Greece's Eurobank EFG Ergasias for EUR 158 M.
DZI Insurance, with a market capitalisation of BGN 803 M (approximately EUR 410 M, as per 26 January 2007, including the proceeds from the sale of DZI Bank to Greece's Eurobank) is the sixth largest public company in Bulgaria.
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