GROUPAMA could own four Romanian companies
 The French insurance group GROUPAMA was selected by the Agricultural
Bank of Greece, known as ATEBank, for negotiations regarding taking
over a 50.08% share in the banks' insurance subsidiary, ATE Insurance,
also present on the Romanian market.
ATEBank has also received an acquisition offer from the German insurer ERGO, but the Executive Committee of the Greek bank decided to start negotiations with GROUPAMA, so that the end of the race for the 50.08% of ATE Insurance cannot be determined yet.
Contacted, the General Manager of ATE Insurance Romania, Dan STOICESCU, stated yesterday that negotiations for the sale of the majority share package of the Greek insurer are continuing, according to the information received from Athens.
The Bank stated, at the beginning of September, that it is willing to give up the auction if it doesn't receive a proper price for the majority package at ATE Insurance. "We will cancel the transaction if the final offer will not rise up to the expected amount," the representatives of the financial institution said.
ATE Bank has started the process of selling the insurance division two years ago, in the context of a strategy for restructuring the business, imposed by the new management.
ATE Insurance is present in Romania through a small company, and in case GROUPAMA would be able to take over the Greek company, it would be the fourth company that the French control on our market, after BT Insurance, OTP Garancia and ASIBAN.
At the same time, ERGO has entered this year on the Romanian market with a life insurance company, created in partnership with UNICREDIT Tiriac Bank.
Author: Andreea IONETE
on 09.10.2008
Comment this article
0 comments
|
