May 14 (SeeNews) - Bulgaria's Commission for Protection of Competition (CPC) said that it has granted approval to local DZI - Life Insurance to acquire the Bulgarian pension and life insurance business of Dutch-based NN Group.
DZI - Life Insurance received approval to acquire 100% of NN Pension Insurance Company and all assets and liabilities of NN Insurance Co, the regulator said in its decision.
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The companies will control a market share of 30-40% on the life insurance market, the regulator said. Despite creating the largest player on the market, the acquisition does not have the potential to lead to the establishment of a dominant market position, according to the CPC.
Earlier this year, Belgium-based financial group KBC - the parent of DZI - Life Insurance, said that it has agreed to acquire the Bulgarian pension and life insurance business of NN Group for a total consideration of 77.7 million euro ($94.2 million).
NN Bulgaria has 138 employees and a customer base of over 400,000 individuals and 400 corporate entities.
KBC is active on the Bulgarian banking market through United Bulgarian Bank (UBB) and on the insurance market through its DZI brand.
($ = 0.8251 euro)
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