“UBB and KVS Bank Bulgaria Officially Merge: Next Step in Integration”

UBB and KVS Bank Bulgaria officially merged, after the transformation of “KVS Bank Bulgaria” by merger into United Bulgarian Bank (UBB) was entered in the Commercial Register on April 10, 2023. This became possible after obtaining the necessary permits from the ECB and BNB, UBB states.

The legal unification is the next step in the integration of the two banks. In the summer of 2022, the Belgian KVS Group acquired the business of Raiffeisen Bank International in Bulgaria for over 1 billion euros. Subsequently, Raiffeisenbank Bulgaria was renamed KBS Bank Bulgaria.

At this stage, customers do not need to take any action and will continue to be served as before, UBB said. From there, they specify that they will promptly inform their customers in case of future changes.

“The official unification of UBB and the previous KVS Bank Bulgaria is a very important step towards the actual unification of our products, operations and IT systems, which is fully prepared and will be implemented gradually. At this stage, nothing significant changes for our customers and they do not need to take any specific action”commented Peter Ruben, CEO of UBB and country manager of KVS Group in Bulgaria.

As a first step after the legal merger, customers will be able to withdraw from the ATM network of UBB and the former KVS Bank Bulgaria under identical conditions and will not owe fees for interbank transfers between the two.

The process of technical integration of UBB and the former KBC Bank Bulgaria continues. Until its completion, the branch network, corporate website and digital channels of the former KVS Bank Bulgaria will be marked with a special symbol next to the UBB logo – .

For the last 15 years, fromas it operates in Bulgaria, the Belgian financial group KBC has invested 2.4 billion euros in the acquisition and development of various local companies and projects, including the successive acquisition of DZI, CIBANK, UBB, the Bulgarian business of the pension company NN and Raiffeisenbank Bulgaria.

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