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Report: Competition watchdog clears Ubb-Metlife takeover by KBC's Bulgarian unit

The Bulgarian Commission for Protection of Competition allowed KBC Group NV's local unit DZI Life Insurance to acquire full ownership of Ubb-Metlife Zhivotozastrahovatelno Drujestvo Ad, SEENews reported March 12.

The regulator ruled that the acquisition would not lead to the establishment of a dominant company in the life insurance market, with Ubb-Metlife and DZI Life Insurance expected to jointly have a 21.6% market share in terms of collected premiums, SEENews noted, adding that ZAD Allianz Bulgaria Life is the leader in the segment, with a 26.3% market share.

In January, DZI Life Insurance had already secured the approval of the Bulgarian Financial Supervision Commission to acquire full ownership of Ubb-Metlife.

KBC Group had agreed to acquire MetLife Inc.'s 40% stake in Ubb-Metlife at the end of December 2017, with a view to becoming the sole owner of the unit. KBC purchased the other 60% of Ubb-Metlife in June 2017 as part of its acquisition of United Bulgarian Bank AD and Interlease EAD from National Bank of Greece SA.