Following this deal, KBC will be able to distribute DZI life and non-life products through UBB’s bank branches, thus enabling it to fully roll out its bank-insurance approach in Bulgaria, one of KBC’s core markets.
DZI and UBB-MetLife’s aggregate share of the Bulgarian life insurance market will be 21%. Together with UBB-CIBANK, they will strengthen KBC’s reference position in bank-insurance in Bulgaria, a country that boasts strong macroeconomic fundamentals while still offering potential for further penetration in financial services.
Johan Thijs, KBC Group CEO said: “Acquiring the remaining stake in the UBB-MetLife joint venture confirms our position as a strong, local market player that is able to offer a full range of bank-insurance products to our Bulgarian customers in an omni-channel environment. It will undoubtedly help in making UBB and DZI a genuine reference bank-insurance group in Bulgaria, which will ultimately benefit its customers, employees and all other stakeholders.”