On 22 November, KBC received the approval of the National Bank of Bulgaria to acquire a majority stake in Economic and Investment Bank (EIB). On 15 November 2007, KBC had already received the approval of the Bulgarian Competition Authority. KBC Group now owns 75% of EIB. Ms Tzvetelina Borislavova retains a minority shareholding of 22.3% in the bank and remains KBC’s partner in Bulgarian banking activities. At a joint press conference in Sofia, KBC Group and EIB revealed their future plans in Bulgaria. In the coming months, KBC and the management of EIB will thoroughly review and update the strategy, focussing on optimising the branch network, introducing bancassurance with DZI Insurance (which KBC acquired earlier this year) and optimising or setting up certain business lines such as asset management, private banking, car leasing or treasury operations.
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.