In so doing, Ms Borislavova is exercising the seller put option which she had agreed on 24 September 2007 with KBC.
KBC thus increases its shareholding in its Bulgarian banking subsidiary to 100% and is now the sole shareholder of the company.
KBC said that the transaction does not have any impact on its capital position.
KBC plans to immediately start the procedure for delisting the company from the Bulgarian Stock Exchange.
KBC Group CEO Jan Vanhevel said Ms Borislavova has always been a very loyal partner for KBC. KBC would like to express its sincere gratitude to her for her valued contribution to the development of CIBank, especially in the severe market conditions which the KBC has experienced over the last two years.
"Through CIBank and DZI Insurance, KBC is the main bancassurance player in Bulgaria, with a dense network for distributing banking and insurance products. KBC has identified Bulgaria as one of the group’s strategically important home markets," Vanhevel said.
