GROUPAMA brings EUR 25.4 million to the ASIBAN capital
 GROUPAMA injected EUR 25.4 million in the social capital of the ASIBAN, taken over by the French in April this year, according to the National Office of Trade Register.
Thus, the value of the GROUPAMA investments on the Romanian market is getting closer to the threshold of EUR 600 million.
For the three acquisitions made in Romania - ASIBAN, BT Asigurari and OTP Garancia - the French group paid EUR 450 million, following that the capital injection, necessary both for the financing of the merger of the three companies, and for the coverage of the losses recorded by them last year, will rise up to nearly EUR 150 million, according to the statements of Denis ROUSSET, the GROUPAMA representative in Romania.
Last year, the GROUPAMA member companies registered losses of almost RON 40 million, out of which BT Asigurari alone contributed to RON 32.1 million.
"We will do everything we can to regain profitability in 2009, so that, in 2010, we can focus on the dynamic development of the group and on lasting profitability", Denis ROUSSET, currently General Manager of BT Asigurari, stated.
GROUPAMA has recently started the largest merger process in the history of the Romanian profile market, which will be completed at the end of 2009, the new entity being planned to operate under the name of GROUPAMA Asigurari.
In other words, at the end of 2009, two of the top ten Romanian companies and a small size insurer will cease to exist as separate entities.
The documents relating GROUPAMA Asigurari, which must be approved by CSA, will be submitted at the end of the first quarter of 2009, while finalizing the rebranding process and launching of the new company is planned for the end of autumn.
With a cumulated market share at the end of 2007 of 12.7% on the general insurance segment and of 8.4% on life insurance, GROUPAMA sets itself ambitious targets. Thus, on medium and long term (5 years), the French intend to own 25% of the property and general liability insurance market, 15% of the motor insurance and 20% of the life insurance segment.
Author: Andreea IONETE
on 25.11.2008
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