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Romanian insurer Groupama Asigurari to slash share capital by 84%, to lei 169.2m

Shareholders of Romanian insurer Groupama Asigurari, which showed up following the merger between BT Asigurari and Asiban, decided to cut the share capital by 872.9 million lei, as the company's net asset plunged significantly.

The insurer had a share capital of 1.042 billion lei before the reduction.

The 872.87 million lei amount represents the company's losses, including the negative premium following the merger process. The capital will be slashed by reducing the number of shares issued by the company from 1.042 billion to 169.23 million units.

The 169.23 million shares will keep the 1 leu face value and will be granted to the current shareholders according to the their participation quota at the share capital. Groupama SA owns 99.99997 percent of the share capital, while Groupa Investissements SAS has 0.00003 percent of the capital.

French insurance group Groupama, which took over Asiban, BT Asigurari and OTP Garancia, reported 11.9 percent lower incomes on the local market in the first half, to 104 million euros, following drop of business on the health and life insurance segments.

Groupama paid 350 million euros for Asiban, after it had taken over BT Asigurari from the fifth lender by assets Banca Transilvania, in exchange of 100 million euros. It also inked a deal with Hungary's lender OTP last year for the OTP Garancia division, transaction that includes the take over of the subsidiaries in Bulgaria, Romania and Slovakia.

Sursa: http://www.newsin.ro

Tags: capital million insurer share asigurari groupama otp

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