The Belgian financial group KBC announced Friday last week that it has received all required approvals and has successfully finalised the acquisition of 70% of Bulgaria’s largest insurance group DZI. The Belgians also confirmed their plans to file a tender offer for the remaining 30% stake traded on the Sofia stock exchange. KBC signed a deal for taking over 70% of DZI Insurance from the local firm Kontrakt Sofia in April this year. The acquisition is valued at some EUR 260mn, comprising EUR 185mn for the net stake value and approximately EUR 75mn for 70% of the undistributed receipts from the recent sale of DZI Bank by DZI Insurance. Eurobank EFG won the private tender for 74.26% of DZI Bank at the price of EUR 157.76mn in September last year and most of the proceeds went to the accounts of DZI Insurance as a former owner of 50.09% of the bank.