The ASIBAN sale, finalized in T3/2008
The finalization of the ASIBAN sale to GROUPAMA represents for TRANSILVANIA
Bank one of the main objectives for the next 6 months. The operation
will be done in the third trimester of this year.
"TRANSILVANIA Bank will cash EUR 87.5 million as a result of this
transaction, leading to an exceptional gain - before taxes - of at
least EUR 75
million", an official statement of the above-mentioned financial
institution states.
In April, GROUPAMA has reached an agreement with the four banks - BCR,
BRD, CEC, BT - the transaction being estimated around EUR 359 million.
In the present, the taking over of the Romanian insurer by the French
group is being analyzed by the Council of Competition.
To this moment, the value of the GROUPAMA investments on the profile
market has raised up to over EUR 500 million, in less than a year.
The money where paid for reaching a share of 12.57% of the insurance
market, of which 8.5% - ASIBAN, 3.76% - BT Insurance and 0.31% - OTP Garancia.
Author: Mihaela CIRCU
on 11.07.2008
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