European Commission approves KBC's acquisition of Slovakian bank

The European Commission has cleared the way for Belgian banking and insurance group KBC to acquire the Slovakian bank 365.bank.

In mid-May, KBC announced its intention to acquire 365.bank for 761 million euros. Slovakia is a core market for the Belgian bank and insurance company, which already operates there through the bank CSOB. The acquisition will strengthen KBC's market leadership in Slovakia, the Belgian company declared at the time.

“The Commission concluded that the notified transaction would not raise competition concerns, given the companies' limited combined market position resulting from the proposed transaction,” the European Commission stated on Friday.

^{KBC logo © PHOTO BELGIAN_FREELANCE}

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