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Finance Consulting takes full control of insurer KD Life

Tue, Dec 21 2010 01:26 CET

byDnevnik.bg

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Finance Consulting takes full control of insurer KD Life

Photo: Nadezhda Chipeva

Finance Consulting, a company linked to Bulgaria's blue-chip industrial conglomerate Chimimport, has fully acquired life insurer KD Life from Slovenian financial services group KD Group.

The move follows a decision by the deputy chairman of the Financial Supervision Commission Borislav Bogoev, which clears the change in ownership.

However, the size of the deal was not disclosed.

The application for changing the company's shareholder was filed in October, but the approval was received on December 14 as the regulator required additional documents on the transaction.

One of the possible reasons behind the sale of KD's local arm is the loss incurred by the insurer.

In the spring of 2010, the group decided to raise the minimum guarantee capital of its subsidiary to seven million leva from 6.4 million leva.

According to trade registry records, the transaction took place in the beginning of September.

In Bulgaria, KD also owned an investment intermediary, which was liquidated in 2008. At present, the group is present in the country through asset management company KD Investments.

Source: Dnevnik.bg

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