Asiban takes Groupama to third place among top insurers

Four banks, Banca Comerciala Romana (BCR), Banca Romana de Dezvoltare (BRD), Casa de Economii si Consemnatiuni (CEC) and Banca Transilvania (BT), each control some 25 percent, and stand to make some €87.5 million from the deal, for an estimated total of €350 mln.

Negotiation teams involved in the deal will make some €5 mln, considering that the commission for the transaction was set at between 0.3-1 percent of its value.

Groupama was advised by the Raiffeisen Investment Romania bank, the French Gide Loyrette Nouel law firm, and a team of auditors of the French division of Ernst&Young. Asiban was assisted by the Rothschild&Cie investment bank.

“The addition of the strengths of BT Asigurari and Asiban, as well as the distribution agreements with OTP and Banca Transilvania will allow us to implement an ambitious development plan on this market,” according to a statement for Business Standard by Groupama’s International Director, Jean-Francois Lemoux.

“As part of our Central and Eastern European development strategy, we believe that the Romanian market is a priority, considering the country’s population, the rapidity of its economic growth, and the low level of insurance market development. In such conditions we want a solid platform on this market,” added Lemoux