Following the short announcement for taking over 70% of Bulgaria ’s biggest insurer DZI, the Belgian financial group KBC issued a more detailed press release, which unveils plans for launching a public bid for the remaining 30% stake floated on the local stock exchange. The total cost for taking over the 70% stake in DZI Insurance from the local firm Kontrakt Sofia is reported 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. As recalled, 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. DZI Insurance and DZI Bank were previously controlled by Emil Kiulev through Kontract Sofia and other entities. Kiulev was killed in October 2005 and his family called sale tenders for DZI Bank and DZI Insurance shortly after. DZI Bank is the country’s 11th largest lender while DZI Insurance holds leading shares on the general and life insurance segments in the country.