Loading ...French insurance group Groupama injected 25.4 million euros into the Asiban insurance company, which it took over this spring, the data of the National Trade Register Office revealed in the Ziarul Financiar daily on November 24.
Asiban is the fourth largest player on the domestic market, with a turnover assessed at 195 million euros for 2008. The company is currently conducting merger negotiations with BT Asigurari and OTP Garancia, other two insurance companies recently taken over and controlled by the French group, which are due to be concluded in a year.
Denis Rousset, head of the Groupama operations on the domestic market, has recently announced the capital injections in the companies purchased on the Romanian market would reach some 150 million euros in 2008. The money is necessary to cover both the costs of the merger and the losses incurred last year.
Thus, the total amount Groupama invested in the three insurance companies reached 600 million euros, given the fact that the acquisition costs borne by the group exceeded 450 million euros. The year 2009 will be the end of the Asiban, BT Asigurari and OTP Garancia brands, as the company resulting from the merger will operate under the name Groupama Asigurari.
The last capital increase of Asiban was conducted a year ago, with its value amounting to some 29 million euros. At that time, the four hareholders of the insurance company – BCR (Romanian Commercial Bank), BRD-SocGen (Romanian Development Bank), Banca Transilvania and CEC (Romanian Savings Bank) – were preparing to sale.
The 350-million euros transaction securing the sale of the insurance company to the French group has been the largest trading on the insurance market so far. Asiban posted an 82.6-million euros turnover in H1 and a market share of 6.85%.
The company is rated 7th on the general insurance market, holding a 6.83% market share and 4th on the life insurance market with 6.95%.
The insurance company has not yet published its turnover for the first three quarters, nor the profit or loss it reported so far. Asiban posted a 3.5-million euros loss last year, following many years of profit.
The insurance company has not yet published its turnover for the first three quarters, nor the profit or loss it reported so far. Asiban posted a 3.5-million euros loss last year, following many years of profit.
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