The National Bank of Greece (NBG) has signed a deal with the Belgian KBC Bank (KBC Group) to sell 99.91 percent of United Bulgarian Bank AD (UBB) and 100 percent of its subsidiary, Interlease EAD.

The sale price was reported at $637.7 million.

"This transaction further strengthens the NBG, allowing it to direct its resources to the recovery of economic activity in Greece," Leonidas Fragiadakis, CEO of he National Bank of Greece, said. "I am glad that the new owner of UBB, the KBC, a strong and reliable partner, will continue to develop and strengthen the bank as part of its strategy to gain a strong position in the Bulgarian market."

Completion of the deal is subject to the approval of the Central Bank and the Financial Supervisory Authority of Bulgaria, the Central Bank of Belgium, the European Central Bank, and similar authorities.

Credit Suisse International acted as exclusive financial adviser to the NBG.