Raiffeisen to Sell Bulgaria Business to KBC as It Focuses on Key Markets

By Joshua Kirby

Raiffeisen Bank International AG said Monday that it has agreed to divest its Bulgarian business to Belgium's KBC Group NV for just over 1 billion euros ($1.14 billion).

The sale of the subsidiary to KBC Bank for EUR1.015 billion will add around 90 basis points to Raiffeisen's CET1 ratio and will allow it to allocate extra capital to spur growth in key markets, the Austrian lender said.

The transaction should close by mid-2022, Raiffeisen said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

11-15-21 0217ET