Bulgaria's Commission for Protection of Competition (CPC) has granted approval to local DZI - Life Insurance (part of Belgian KBC) to acquire the Bulgarian pension and life insurance business of Dutch-based NN Group, wrote seenews.com here.

In mid-February, Belgian fiancial group KBC and the Netherlands-based NN Group announced they reached an agreement for KBC's Bulgarian subsidiary, DZI - Life Insurance, to acquire NN Bulgarian operations for a total consideration of EUR 77.7 million. More details here.

Thus, the object of the transaction consists in all the shares of NN Pension Insurance Company EAD (Bulgaria), as well as all the assets and liabilities of NN Insurance Co. Ltd. - Sofia Branch (Bulgaria).

"Despite creating the largest player on the market, the acquisition does not have the potential to lead to the establishment of a dominant market position", wrote seenws.com quoting CPC decision.