KBC is set to make its first big acquisition in emerging Europe since the financial crisis after winning the bidding to buy Bulgaria's fourth-largest lender from National Bank of Greece (NBG). The Belgian group will pay EUR 610 million for United Bulgarian Bank (UBB) after beating off competition from Hungary's OTP Bank. The purchase price also includes NBG's Bulgarian leasing subsidiary, Interlease. The acquisition will propel KBC into the number three slot in the Bulgarian banking market, a position the group has targeted since acquiring small local lender CiBank in 2007. Read the full story

BULGARIA: KBC wins bidding for NBG subsidiary