Bulgaria: KBC to acquire MetLife's 40% stake in UBB-MetLife joint venture

Belgian financial group KBC announced it reached an agreement with MeLife to aqcuire MetLife's remaining 40% stake in Bulgarian joint venture UBB-MetLife Life Insurance Company through DZI, its Bulgarian insurance subsidiary.

The deal is still subject to regulatory approval and is expected to close in the second quarter of 2018.

Last year, as part of KBC's acquisition of UBB and INTERLEASE, KBC (through UBB) acquired 60% of UBB-MetLife.

The life insurance products of UBB-MetLife are exclusively distributed via UBB's bank branches.

UBB-MetLife has a 10% market share in the Bulgarian life insurance market and has a full life insurance product range.

"Combined, DZI and UBB-MetLife will have a market share of 21% in the Bulgarian life insurance market. Together with UBB-CIBANK, they will strengthen KBC's reference position in bank-insurance in Bulgaria, a country that boasts strong macroeconomic fundamentals while still offering potential for further penetration in financial services", explained KBC in a statement.

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