Capital increase of RON 33.5 million in OTP Garancia Asigurari
GROUPAMA decided to increase the capital of OTP Garancia Asigurari with RON 33.5 million, by issuing 335,000 new shares, with a nominal value of RON 100, according to a report of the CSSPP. Thus, the capitalization of the company grew by 40%, to RON 118.34 million.
The French group, which by the end of September capitalized with almost EUR 128 million the three acquisitions made in Romania - BT Asigurari, ASIBAN and OTP Garancia -, announced at that moment that it would make further capital increases by the end of year, the next one being at OTP Garancia, worth EUR several million.
GROUPAMA Asigurari, born from the merger of ASIBAN and BT Asigurari, was officially launched on September 28 this year. The French group will complete the full integration of the three companies it owns in Romania - ASIBAN, BT Asigurari and OTP Garancia - by the end of this year.
GROUPAMA ended the first half of 2009 with an 11.9% decline of businesses in Romania, to EUR 104 million, amid a significant reduction in the activity of underwriting on the life and health insurance segment.
Cumulated underwritings of the companies ASIBAN, BT Asigurari and OTP Garancia brought the French group up to the third place on the insurance market, after the first half, with a market share of about 9.6%, less by 3 percentage points compared to the last year.
Author: Andreea IONETE
on 17.11.2009
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