GROUPAMA makes the first step towards the merger of the Romanian acquisitions
 GROUPAMA will announce next week, Thursday the 13th of November, its development plans on the Romanian market, as well as the calendar of merger of the companies purchased on the local market - ASIBAN, BT Asigurari and OTP Garancia.
Thus, the French group's strategy will be disclosed during a dedicated event, at which Jean Francois LEMOUX, International General Manager, GROUPAMA and Denis ROUSSET, the GROUPAMA representative in Romania, currently General Manager of BT Asigurari, have already announced their presence.
The French clearly want the consolidation of all group operations under a single brand, and that was announced in premiere by the portal 1asig.ro in June this year. The main reasons that were invoked at that time were making referrence to reducing operating costs and to a better allocation of the human resources of the three companies. The project is very complex and it is assisted by the analysts from the MCKINSEY company of management consultancy.
Experts believe that the main advantage of the new entity will be the territorial network of branches and agencies, estimated at about 480 units to be coordinated from two strategic points - Bucharest and Cluj. For now though, the GROUPAMA officials didn't want to make other comments.
Romania is a major objective of the GROUPAMA strategy for external development, especially on the markets of Central and Eastern Europe, already materialized in taking over the insurance companies BT Asigurari, in October 2007 and OTP Garancia Asigurari, in February 2008, and in the recent takeover of ASIBAN, a deal signed in early August 2008.
The three acquisitions and the related capitalizations raise the investment GROUPAMA made on the Romanian profile market up to more than EUR 500 million in less than a year. With this money, a share of 12.57% of the insurance market "has been paid", out of which 8.5% - ASIBAN, 3.76% - BT Asigurari and 0.31% - OTP Garancia.
Author: Andreea IONETE
on 05.11.2008
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