The transaction will be EPS accretive from year one onwards, whereby the purchase price represents a 1.64x multiple of the 2022E Tangible Book Value of the target and a 13 x P/E (based on 2022E Earnings). T he deal, involving a total consideration of 1 015 million euros paid in cash, reflects the quality of the Raiffeisen franchise and the synergies potential. The transaction also includes Raiffeisenbank Bulgaria’s fully-owned subsidiaries Raiffeisen Leasing Bulgaria, Raiffeisen Asset Management (Bulgaria), Raiffeisen Insurance Broker (serving Raiffeisenbank Bulgaria’s leasing and corporate clients) and Raiffeisen Service. This morning, Belgium-based KBC Bank (‘KBC’) and Austria -based Raiffeisen Bank International (‘RBI’) reached an agreement for KBC to acquire 100% of the shares of Raiffeisenbank (Bulgaria) EAD, comprising RBI’s Bulgarian banking operations. KBC acquires Bulgarian operations of Raiffeisen Bank International
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