GROUPAMA's taking over of ASIBAN was authorized by the Competition's Council
The Competition's Council has authorized the taking over of the insurance
company ASIAN, by GROUPAMA International.
After the analysis performed by the authority of the Competition's
Council, regarding the economical concentration created by GROUPAMA
INTERNATIONAL taking control over SC ASIBAN Insurance Reinsurance SA,
the conclusion has been reached that it is not the case of the birth
of a dominant position on the market where the above mentioned company
activates.
GROUPAMA International is part of the French group of financial services
GROUPAMA SA, present on the Romanian insurances market, both in the
life insurances area and in the general insurances one, as it took
over BT Asigurari, in October last year. On the list of GROUPAMA's
acquisitions in Romania, the next companies followed: OTP Garancia,
in February, transaction for which the approvals from the relevant
authorities are still expected, and ASIBAN - in April 2008.
According to the Competition Law, the operations of economical concentration
that go beyond the limit - values stipulated by this law, are to be
investigated and must be brought to the attention of the Competition's
Council, to analyze their compatibility with a normal competitive environment.
This situation is met if the cumulated turnover of the economical agents
involved in an operation of economical concentration is more then the
equivalent in RON of EUR 10 million and if there are at least two economical
agents involved in the operation that have, each one, in Romania, a
turnover more than the equivalent in RON of EUR 4 million.
The acquirement of ASIBAN and BT Asigurari, and of the Romanian branch
of OTP Garancia, as well as the afferent capitalizations, raise the
value of the investment GROUPAMA made on the Romanian market up to
over EUR 500 million, in less than a year.
At this moment, adding up
the market share of the companies taken over by GROUPAMA, the company
owns 12.57%, out of which 8.5% - ASIBAN,
3.76% - BT Asigurari and 0.31%- OTP Garancia.
Author: Vlad BOLDIJAR
on 24.07.2008
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