KBC to retain brand name of insurance group DZI

The Belgian financial group KBC announced yesterday that it will retain the brand name DZI of the leading local insurance group recently acquired by KBC. Newly presented data for DZI shows that the group has retained its market lead on both general and life segments. KBC unveiled that it is also interested in acquiring a local bank or setting up a new banking entity in the country. As recalled, KBC took over a 70% stake in DZI Insurance from the local firm Kontrakt Sofia last month for 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.