Raiffeisen Bank Leaving Bulgaria

The Austrian Raiffeisen Bank International (RBI) is leaving the Bulgarian market. It has sold its subsidiary EAD.

According to the press release, EAD has been sold for EUR 1.015 billion to the Belgian banking group KBC.

RBI announces that the proceeds from the sale of the bank in Bulgaria will be invested in other countries.

– The decision to sell is primarily motivated by the possibility to reallocate capital in order to seize attractive growth opportunities and gain scale in RBI’s key markets – RBI announced.

The sale should be finalized by mid-2022, and RBI and KBC should get regulatory approvals.

KBC is already present in Bulgaria and, with 3,900 employees, it is slightly bigger than the Bulgarian RBI, which has 2,500 employees.

Raiffeisen Bank International AG Wien

Raiffeisen Bank International

Raiffeisen Bank

EAD

KBC