BT Asigurari sold, more insurers to follow

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BT Asigurari sold, more insurers to follow

According to sources close to the deal, another insurance company, Asiban, is presently being investigated by a number of important international insurance giants interested in the Romanian market. “We are already certain of Asiban’s sale. As long as the Competition Council raises no obstacles, BCR Asigurari will also be acquired by VIG, as this would fully comply with initial official declarations at the time of Erste’s acquisition of the BCR group. The policy instituted by BCR Asigurari makes me believe this moment has approached rapidly. I believe the same will happen to BT Asigurari. It is difficult for me to state whether this will be the case with the insurance company or the entire Banca Transilvania group,”Allianz-Tiriac’s General Manager, Cristian Constantinescu, told Business Standard last month.

The transfer of BT Asigurari to Groupama’s portfolio will cost in excess of €90 million.
“The closing price could be higher, depending on BT Asigurari’s year-end results,” according to an announcement yesterday by Banca Transilvania. An exclusive agreement on bank assurance operations is attached to this sale, according to which general BT Asigurari insurance products will be sold through the Cluj-based bank’s network, and the cooperation of the insurance company with the bank will continue at a level at least equal to the present one.

Price 
The transfer of BT Asigurari to Groupama’s portfolio will cost in excess of €90 million, depending on the company’s year-end results.