BULGARIA: Belgium's KBC eyes United Bulgarian Bank

6 October 2016 —
Belgian lender KBC has expressed interest in acquiring Bulgaria's fourth-largest bank by assets, United Bulgarian Bank (UBB), Belgian media reported on Thursday.

KBC has contracted international financial company JP Morgan to help it with the procedure, according to the online edition of newspaper L'Echo.

"Before the economic crisis (in 2008), KBC was banned from taking part in acquisitions by the European authorities as the bank was engaged in decentralisation. The ban was cancelled in November 2014 but the bank has not been a part of a major deal yet [...]," L'Echo.

United Bulgarian Bank (UBB) is part of the financial group of the National Bank of Greece.

In Bulgaria, KBC owns CIBank and insurance company DZI. Read the full story BULGARIA: Belgium's KBC eyes United Bulgarian Bank
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