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EUR 244 M transaction between VIG and BCR Asigurari

The general manager of the company "BCR Asigurari de Viata", Florina Vizinteanu, announced yesterday that the company will purchase one third of each of the following companies: "Capitol Intermediar de Produse Bancare," "Capitol Broker de Pensii Private," and "Capitol Intermediar de Produse de Leasing," Mediafax informs. He also declared that the acquisition of the titles will follow soon.

The three brokerage companies are controlled by the insurance companies "Omniasig Vienna Insurance Group" and "Asirom Vienna Insurance Group," both of them belonging to the Austrian insurance group "Vienna Insurance Group" (VIG).

Further to an agreement signed between the two groups, VIG took over 88.47 per cent of "BCR Asigurari de Viata" shares. The transaction will be finalized after VIG receives the approval of the authorities from the domain of competition and of the Insurance Monitoring Commission from Romania (CSA). BCR will remain with a package of 5 per cent of the titles of the insurance company, the balance being held by minority shareholders. According to the same agreement, VIG also takes over 88.56 per cent of the capital of the company "BCR Asigurari," and the shares held by the company "Financiara," a subsidiary of BCR. The total value of the transaction rises to around EUR 244 M.

"BCR Asigurari de Viata" registered in the first nine months a nominal growth in RON of the subscribed gross premiums of 95.64 per cent, to RON 118.41 M.

 

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Tags: bcr insurance company asigurari transaction

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