Belgian financial group KBC announced that KBC Bank and Raiffeisen Bank International (RBI) completed the deal announced in November 2021 concerning the acquisition of 100% of the shares of Raiffeisen bank (Bulgaria) EAD, comprising RBI's Bulgarian banking operations.

The transaction also includes Raiffeisenbank Bulgaria's fully owned subsidiaries Raiffeisen Leasing Bulgaria, Raiffeisen Asset Management (Bulgaria), Raiffeisen Insurance Broker and Raiffeisen Service.

"The acquisition, worth a total of EUR 1,009 million paid in cash, reflects the quality of the Raiffeisen franchise in Bulgaria and the potential for synergy. The transaction will have a capital impact of around -1 pp on KBC Group's CET1 in 3Q2022".

KBC Group has been present in the Bulgarian financial sector since 2007. In 2009, KBC Group defined Bulgaria as one of its core markets. Today, KBC Group is present in Bulgaria through United Bulgarian Bank (UBB), DZI (Insurance), UBB Interlease, UBB Pension Insurance, UBB Asset Management, UBB Factoring, UBB Insurance Broker and KBC Branch Bulgaria. On 30 July 2021, KBC acquired NN's Bulgarian life insurance and pension fund activities.