Bulgaria: KBC Bank merges with UBB creating the country's largest lender by assets

3 May 2023 —
Bulgarian commercial banks UBB - United Bulgarian Bank and KBC Bank Bulgaria, - both of them owned by Belgian financial group KBC- have legally formalised their merger, creating the country's largest lender by assets, according to a press release posted on UBB website.

"KBC Bank Bulgaria officially united after the re-organization of KBC Bank Bulgaria EAD, through its merger into United Bulgarian Bank AD, was entered in the Commercial Register. The legal merger is the next step in the integration of the two banks after the Belgian KBC Group acquired the business of Raiffeisen Bank International in Bulgaria in the summer of 2022".

According to the latest available data of the BNB as at September 2022, the new united bank UBB will be the leading bank in terms of assets while KBC Group, which, apart from banking services, encompasses also subsidiary companies operating in the field of insurance, leasing, insurance agency, pension insurance, asset management and factoring, is the leading integrated financial group in Bulgaria, servicing more than 2.3 million clients.

The process of the technical integration of UBB and present KBC Bank Bulgaria is underway. "Until its finalization, our branch network, corporate website and the digital channels of the up-to-now KBC Bank Bulgaria will have a special symbol next to UBB logo".

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