Belgian KBC Group is to acquire the United Bulgarian Bank and the leasing services provider Interlease. Thus, KBC will become the biggest bank-insurance group in Bulgaria after the acquisition. UBB was previously owned by the National Bank of Greece. The deal is estimated at EUR 610 million. The Belgian financial group has been present in Bulgaria's banking sector since 2007 through its subsidiary CIBANK. It has a presence on the Bulgarian insurance market through its DZI insurance company. The merger between CIBANK and UBB will create the third largest banking group in Bulgaria. UBB intends to make EUR 183 million extraordinary dividend payment to the National Bank of Greece before the acquisition. The deal must be approved by a series of regulatory bodies such as the Bulgarian National Bank, the Financial Supervision Commission, etc. The merger is expected to be completed in the second quarter of 2017.