KBC Group, an independent bancassurer for private persons and medium-sized enterprises, has acquired a majority stake in Economic and Investment Bank.

The group now owns 75% interest in the bank. KBC and the management of Economic and Investment Bank (EIBANK) will focus on optimizing the branch network, introducing bancassurance with DZI Insurance and optimizing or setting up certain business lines such as asset management, private banking, car leasing or treasury operations.

Andre Bergen, CEO of KBC Group, said: After the acquisition of DZI Insurance earlier this year, we are now very pleased to welcome EIBANK into our group. We look forward to co-operating with the professional and dynamic colleagues of EIBANK and with Borislavova, who will continue to chair the supervisory board and ensure continuity as the bank’s minority shareholder.