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BCR sells BCR Asigurari and BCR Asigurari de Viata to VIG

The Romanian Commercial Bank (BCR) and Vienna Insurance Group (VIG) signed the agreement regarding the sale of BCR Asigurari and BCR Asigurari de Viata, the total amount of the transaction rising to around EUR 244 M, the Romanian credit institution informed yesterday, Mediafax reports.

The agreement signed the day before yesterday refers to the acquisition by VIG of 88.56 per cent of BCR Asigurari, including the shares held by Financiara SA, a subsidiary of BCR, and 88.47 per cent of BCR Asigurari de Viata, shows a press release of the Romanian bank, held by the Austrian group Erste.

BCR Asigurari and BCR Asigurari de Viata will preserve their names as long as VIG holds a share of over 50 per cent of them, and as long as the distribution agreement is valid. Moreover, the offices of BCR Asigurari and BCR Asigurari de Viata will continue to be within BCR branches until the two parties decide otherwise, the press release reads.

The agreement stipulates that a percentage of five per cent of BCR Asigurari de Viata remains in the possession of BCR. The remaining shares are in the possession of minority shareholders. The finalization of the transaction is expected in the coming weeks, after the approval by the authorities from the domain of competition and regulators of the insurance market from Romania.

Also the day before yesterday, Erste finalized the sale of its investments in the domain of insurance from Central and Eastern Europe, including also Versicherung from Austria, further to receiving the approval of the authorities from the domain of competition and of the local authorities which regulate the insurance market. The value of the combined transaction is EUR 1.44 bln, corresponding to a price/subscribed gross premiums ratio of 1.2. As part of the transaction, Erste Group or its banking subsidiaries from Central and Eastern Europe will hold back a share of five per cent in each of the local life insurance companies.

Apart from the sale of the subsidiaries from the domain of insurance, the two groups concluded an agreement of cooperation in the domain of distribution. This agreement has a validity of 15 years and will underlie a closer cooperation between Erste Group and VIG.

Under this agreement, each of the two partners pledges to sell the products of the other partner, through the respective sales channels, and give them preferential treatment. In this way, VIG obtained access to over 2,900 branches and over 16 million clients of Erste Group in the region. In exchange, Erste Group will have access to the ten million clients of VIG in the countries where the two partners operate now.

 

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Tags: bcr asigurari erste domain agreement insurance viata group

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