NEW YORK CITY (dpa-AFX) - KBC Group (KBCSF.PK) agreed to acquire MetLife's remaining 40% stake in UBB-MetLife Life Insurance Company AD, a life insurance joint venture between UBB and MetLife in Bulgaria.
Earlier this year, as part of KBC's acquisition of UBB and Interlease, KBC acquired 60% of UBB-MetLife. The life insurance products of UBB-MetLife are exclusively distributed via UBB's bank branches. UBB-MetLife has a 10% market share in the Bulgarian life insurance market and has a full life insurance product range.
The financial impact of this deal is immaterial to either KBC or MetLife. The deal is still subject to regulatory approval and is expected to close in the second quarter of 2018.
Copyright RTT News/dpa-AFX