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It ranks 6th in the market with a market share of 7.9% in assets and 8.4% in loans.
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It is a leading universal bank in Bulgaria, offering a full range of banking, asset management, leasing and insurance brokerage services to retail, SME and corporate customers. Raiffeisenbank (Bulgaria) has developed its banking business since entering the market in 1994. Raiffeisenbank (Bulgaria), an established and trusted nationwide universal banking franchise in Bulgaria with a proven track record The transaction will have a capital impact of around -1pp on KBC Group’s CET1 (3Q21: 16.4% fully loaded, Danish Compromise) upon closing.Ĭompletion of the transaction is subject to regulatory approval and is expected by mid-2022.
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Leveraging on the combined entity and KBC’s expertise, benefits from synergies are expected to quickly ramp up from ~12m EUR in 2022 to ~29m EUR in 2024 and remaining above ~25m EUR from 2025-2031 (pre-tax numbers). The transaction will be EPS accretive from year one onwards, whereby the purchase price represents a 1.64x multiple of the 2022E Tangible Book Value of the target and a 13 x P/E (based on 2022E Earnings). T he deal, involving a total consideration of 1 015 million euros paid in cash, reflects the quality of the Raiffeisen franchise and the synergies potential. The transaction also includes Raiffeisenbank Bulgaria’s fully-owned subsidiaries Raiffeisen Leasing Bulgaria, Raiffeisen Asset Management (Bulgaria), Raiffeisen Insurance Broker (serving Raiffeisenbank Bulgaria’s leasing and corporate clients) and Raiffeisen Service. This morning, Belgium-based KBC Bank (‘KBC’) and Austria -based Raiffeisen Bank International (‘RBI’) reached an agreement for KBC to acquire 100% of the shares of Raiffeisenbank (Bulgaria) EAD, comprising RBI’s Bulgarian banking operations. KBC acquires Bulgarian operations of Raiffeisen Bank International
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15 million.Outside trading hours - Regulated information*īrussels, Sofia, 15 November 2021 (7.45 a.m. The luxury vehicles have prices ranging from K Inchcape is currently the Jaguar Land Rover, BMW and BMW Motorrad dealers. In Kenya, we are the home of luxury brands and this partnership with Stanbic Bank will enable us to get the quality brands to a wider audience,” he stated. “Inchcape’s mission is to be the most trusted automotive distributor in the world. The financing, he added, would enable the business owners to channel their funds towards their businesses. Inchcape Kenya Managing Director Hussein Ibrahim said the financing package was timely as most businesses were on the recovery path after a challenging phase brought about by the extended pandemic period. By providing competitive financing packages to this segment of the market, we enable them to employ their capital towards growing the economy,” said Ongenge.
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“By partnering with Inchcape Kenya, Stanbic Bank hopes to cater to its established and upward mobile clientele who are looking to get quality new vehicles but may not have the full amount upfront to acquire the assets. The deal will cover purchase of BMW, Jaguar and Land Rover vehicles according to Stanbic Bank Chief Financial and Value Officer Abraham Ongenge.
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Under the deal, the lender will offer customers a five-year repayment period and a grace period of up to 45 days while Inchcape Kenya will offer a five-year warranty period alongside one-year comprehensive insurance and free GardX ceramic coating to the clients. Stanbic Bank and Inchcape Kenya have signed an asset financing deal that will enable customers access 100% credit to purchase luxury vehicles.