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Peter Ruben, who manages the business of KBC in Bulgaria, commented : "The expansion of our activities in Bulgaria, the integration of high quality products of Raiffeisenbank Bulgaria, while building on the competence and dynamism of both UBB and DZI, will help us I look forward to welcoming the staff and management of Raiffeisenbank Bulgaria and I am convinced that together we will further strengthen our leadership position, which will benefit all our customers and other interested parties.”
KBC COMMERCIAL FINANCE PLUS
The network of branches includes 122 sites plus a network of mobile banking consultants, partners, credit intermediaries, staff of about 2,500 people and 635,000 customers. Raiffeisen has been doing business in Bulgaria since 1994, offering a wide range of services and is considered to be sixth in the banking market, controlling 7.9% of assets and 8.4% of loans. The completion of the transaction is subject to approval by regulatory authorities and is expected to be the case by mid-2022. The value of the deal is 1.015 billion euros.Īccording to both parties, this reflects the quality of the Raiffeisen franchise and the potential for synergies from which the buyer expects tens of millions of euros in benefits in the coming years. All these companies are entirely owned by Raiffeisen (Bulgaria). The deal also includes Raiffeisen Leasing Bulgaria, Raiffeisen Asset Management (Bulgaria), Raiffeisen Insurance Broker (serving corporate and leasing clients of Raiffeisen (Bulgaria), and Raiffeisen Service. KBC Bank ( KBC) and Austria's Raiffeisen Bank International (RBI) have announced that they have reached an agreement with a Belgian-based banking group to acquire 100% of the shares of Raiffeisen (Bulgaria) EAD, which conducts banking operations on the side of RBI.