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KBC's Bulgarian unit takes over Ubb-Metlife

KBC Group NV, through its Bulgarian unit DZI Life Insurance JSC, completed the acquisition of MetLife Inc.'s remaining 40% stake in Ubb-Metlife Zhivotozastrahovatelno Drujestvo AD.

UBB-MetLife is a life insurance joint venture between Metlife and United Bulgarian Bank AD. KBC already owns a 60% stake in the company, having obtained it as part of its acquisition of United Bulgarian Bank and Interlease EAD from National Bank of Greece SA in 2017.

KBC said the deal will allow it to distribute DZI's life and non-life products through UBB-MetLife's bank branches, enabling it to fully roll out its bank-insurance approach in Bulgaria, which is one of the Belgian firm's core markets.

DZI and UBB-MetLife's combined share of the life insurance market in Bulgaria will be 21%, according to the March 16 release.