Merger between ASIBAN, BT and OTP Garancia Insurance
This autumn, GROUPAMA will strengthen its insurance operations in Romania under a single brand, through a merger of ASIBAN, BT Asigurari and OTP Garancia Asigurari, sources from the French financial services group said.
Shareholders want the new company to practice all types of insurance products through multiple distribution channels, orientating especially to retail customers. A trump card might be, specialists say, its own network that will result from the merger of ASIBAN, BT Asigurari and OTP Garancia - thus insuring their customers with a network of about 480 territorial units coordinated from two strategic points - Bucharest and Cluj.
GROUPAMA entered the Romanian insurance in October last year with the acquisition of BT Asigurari; the acquisitions chain continued with OTP Garancia in February this year and ASIBAN in April.
The value of investments GROUPAMA made in the Romanian market rises at this moment to over EUR 500 million, in less than a year, this money paying "a share of 12.57% of the insurance market, of which 8.5% - ASIBAN, 3.76% - BT Asigurari and 0.31% - OTP Garancia.
Author: Alexandru CIUNCAN
on 04.06.2008
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