Bulgaria's UBB Bank Changes Owner
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.
- » IMF Chief: Clouds over Global Economy are 'Getting Darker by the Day'
- » The IMF Provides a $ 50 Billion Loan to Argentina
- » Erdogan Claims Turkish Lira’s Loss in Value a Manipulation against Turkey
- » Every third Bulgarian has had Outstanding Loans, According to Eurostat
- » EC Predicts 3.8% Growth in Bulgaria in 2018
- » The Debt of Bulgaria for 2017 Amounts to BGN 25,064 Million