KBC Group is on the lookout for buyers for DZI

The Belgian KBC Group is seeking a buyer for the Bulgarian insurer DZI, learned Klassa daily from its own sources.

“For several months now, the Belgians have been offering the company to other large investors but no one has shown great interest in it so far,” stated a businessman familiar with the negotiations. In all likelihood, however, a deal will be reached this year. Officials from KBC declined to comment on this topic on the grounds that these were just "rumours."

At the end of 2011, the Belgian giant increased its stake in the Bulgarian insurer to 95.75%, receiving the right to delist the company from the Bulgarian Stock Exchange. In 2007, DZI, which was then owned by the late businessman Emil Kyulev, was sold to the Belgian Group. After the acquisition of the insurance company, KBC became the majority shareholder in CIBank, which marked the setting up of the largest diversified group in the financial services sector in Bulgaria. There are rumours that a German and a Dutch group are interested in the Bulgarian insurance company.