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Groupama, new Asiban owner

Lemoux: the value of the transaction is EUR 350 M, the sum being paid to the shareholders: BCR, BRD CEC and Banca Transilvania.

Bucharest - Financial group Groupama (France) is paying EUR 350 M for the total of the Asiban insurance company, to its shareholders: BCR, BRD – Groupe Societe Generale, National Savings House (CEC) and Banca Transilvania, Groupama International General Manager Jean-Francois Lemoux stated yesterday, Mediafax informs. In early April, the French group won the auction and took over Asiban. The new owner is taking over the Asiban portfolio that, on December 31, 2007, had a registered capital of RON 96 M and was managing a portfolio of gross underwritten premiums standing at EUR 185.8 M, higher by 39 per cent compared to 2006 and almost seven per cent higher than the average on the Romanian market, Rompres informs. The value of the transaction is EUR 350 M, said the General Manager of Groupama International, Jean Francois Lemoux. ‘Within our development strategy in Central and Eastern Europe, the Romanian market is a priority to us given the size of the population of this country, the fast growing economy and the very low level of development of the insurance market. Under such conditions, we want to have a sound platform on this market. The combined strength of BT Asigurari and Banca Transilvania will enable us to implement an ambitious development plan on this market’ Groupama International Lemoux said. Eight international insurance companies raced in the first phase of the selection. At the beginning of the company’s evaluation phase, Aegon and Munich Re quit. Aegon went back on its decision later on and submitted a binding bid, according to Mediafax. Representatives of the four former Asiban shareholders – BRD (Patrick Gelin, Petre Bunescu), BCR (Manfred Wimmer, Helmuth Hintringer), Banca Transilvania (Horia Ciorcila) and CEC (Radu Gratian Ghetea) were present for the official announcement of the closure of the transaction. Three of the Asiban shareholders – BRD, BCR and Banca Transilvania – selected an international consultant for the sale of their shareholding in the insurance company – the Rothschild investment bank – and the legal consultant was the Tuca, Zbarcea & Asociatii law firm. Asiban had budgeted revenue from general and life policy premiums amounting to RON 518 M in 2007. According to previous statements by the company General Manager, Dumitru Ceraceanu, last year’s results were over 10 per cent higher than the planned revenue. A first calculation indicates a revenue from premiums of at least RON 570 M (EUR 172 M), which would mean an annual growth rate of 31 per cent. Last year, Groupama announced revenue of EUR 14.9 bln, a portfolio of 11 M customers and over 30,000 employees. The company is present in 11 countries, mainly in Europe. Sursa: http://www.nineoclock.ro

Tags: banca transilvania groupama international asiban market company cec bcr brd

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