KBC and Tsvetelina Borislavova also signed a partnership agreement, according to which, she retains a minor stake of 22.3% of the capital, and will act as KBC's partner in the banking business of Bulgaria.
After the completion of the deal, KBC will make a tender offer for the remaining 2.7% of the shares, which are traded on the Bulgarian Stock Exchange.
The bank has a core capital in the amount of 6,972,056 leva (3,564,756 euros), allocated in the same number of shares with a face value of 1 lev.
The 75% stake consists of 5,229,042 shares at a price of 56.42 euros/share, or 110.34 leva/share, at the current BNB exchange rate.
The stock closed at 139.11 leva yesterday, which values the company at 970 mln leva (495.053 mln euros).
The deal needs to obtain the approval of Bulgarian regulatory bodies. According to KBC it should be completed before the end of the year.
At 9.30h on 28 September 2007 trade on the position of CB Economic and Investment Bank () will be temporarily suspended for 1 hour.
At the end of June, the bank controlled assets in the amount of 1.4 bln leva (715.808 mln euros), and net profit for this year's first half stood at 16.9 mln leva (8.640 mln euros), versus 21.3 mln leva (10.890 mln euros) a year ago.