On January 30, 2007 KBC acquired 70% ownership of DZI Insurance, the market leader in non-life and life insurance in Bulgaria, for 185 million EUR. As part of the deal, KBC also acquired DZI Invest, a securities broker active on the Bulgarian Stock Exchange. Andrй Bergen, KBC Group CEO: “The Bulgarian market meets KBC’s Central and Eastern European expansion criteria. We will be in a position now to take advantage of Bulgaria’s economic convergence and potential for further penetration of the banking and especially insurance markets. DZI Insurance is a unique platform for KBC to enter the Bulgarian market, thanks to its leading and longstanding presence in the country and its dense nationwide multi-channel distribution network.” Borislav Boyanov & Co. acted as the legal adviser of DZI Insurance from the very beginning until the completion of the transaction.
Archive for January, 2007
Borislav Boyanov & Co. is advising EFG Eurobank on the integration of its new acquisition DZI Bank AD and Bulgarian Post Bank which the group acquired back in 1997. It is expected that the integration process will be completed by the end of the year 2007.
As of January 1, 2007 Borislav Boyanov & Co. has moved to its new dedicated office building at 82, Patriarch Evtimii Blvd.
The new office building is located in the same street as the previous offices and it is the result of the creative restoration and modernization of two early 20th century buildings. Along with state-of-the-art meeting and conferencing facilities, the new building offers advanced communications services, sports facilities and over 1,400 sq.m. of new office space.
Telephone and fax numbers have also changed, although existing numbers will remain valid for several months into 2007.
The new address and contact details are:
Borislav Boyanov & Co. 82, Patriarch Evtimii Blvd. Sofia 1463, Bulgaria
Tel: (+ 359 2) 8 055 055 Fax: (+ 359 2) 8 055 000
For a map of the new location, please, refer to the “contact us” section at the bottom of our electronic site.
Bulgaria and Romania acceded to full membership of the European Union on January 1, 2007. This takes the membership of the EU bloc from 25 to 27 member states. Bulgaria and Romania make up 6% of the EU’s population. Their economies are growing at a quick pace, at 5-7% per year. The European Commission says their rapid growth and highly motivated workforce will be an asset for the EU economy.
Accession negotiations between Bulgaria and the EU started on 15 February 2000. Sofia concluded its accession talks on 15 June 2004, six months ahead of schedule. In April 2005, the European Parliament gave its overwhelming support to Bulgaria’s EU bid. On 25 April 2005, Sofia signed the country’s EU Accession Treaty. In its final monitoring report on 26 September 2006, the Commission gave its green light for Bulgarian accession in 2007.
On an institutional level Mrs. Meglena Kuneva is the new EU Commissioner in charge of consumer protection and the 18 Bulgarian observers in the European Parliament become its deputies. Mr. Alexander Arabadjiev and Mr. Teodor Tchipev are appointed as judges to the European Court of Justice and the Court of First Instance, respectively.
Under its mid-2004 agreement with the EU, Bulgaria will receive 240 million euro on top of the previously announced funding of 4.4 billion euro from the EU’s 2007-2009 budget.