KBC and Kontrakt Sofia have reached an agreement whereby KBC will acquire 70% ownership of DZI Insurance for €185m. Following the acquisition, KBC will launch a public bid for the remaining 30%. As part of the deal, KBC will also acquire DZI INVEST, a securities broker active on the Bulgarian Stock Exchange. The deal is subject to approval by the Bulgarian regulatory authorities. KBC intends to finalise the transaction as soon as possible. With this deal, KBC becomes the first Belgian investor in the Bulgarian financial sector since Bulgaria’s entry into the European Union on 1 January 2007.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.