December 14 (SeeNews) - Bulgaria's financial regulator said that it has cleared DZI - Life Insurance's plan to absorb its wholly-owned unit UBB - Life Insurance.
The regulator did not provide further details in its statement, published on Thursday.
You can subscribe to our M&A newsletter here
In March DZI - Life Insurance completed the acquisition of a 40% stake in UBB-MetLife Life Insurance Company, growing its interest in the company to 100%. Subsequently, UBB-MetLife Life Insurance Company was renamed to UBB - Life Insurance.
In December last year, KBC Group said it agreed to acquire MetLife's 40% stake in their Bulgaria-registered joint venture UBB-MetLife Life Insurance Company, thus achieving full ownership of the company.
In June 2017, as part of the acquisition of Bulgaria's United Bulgarian Bank (UBB) and Interlease by KBC, the Belgian group acquired 60% of UBB-MetLife Life Insurance Company.
DZI - Life Insurance is a wholly-owned subsidiary of Belgium's KBC Insurance.
DZI - Life Insurance EAD is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here