Five final bids for Asiban, one nearing €350 mln

The latest information indicates that the bids are between €310-350 million, and that Groupama stands the best chance of acquiring the Romanian insurance company.

Asiban is controlled in equal measure by four banking groups: Banca Comerciala Romana (BCR) (with one more share than the other shareholders, through Financiara SA), Banca Romana de Dezvoltare Societe Generale (BRD-SocGen), Banca Transilvania (BT) and the state-owned Casa de Economii si Consemnatiuni (CEC).

The French division of the Rothschild investment bank has the mandate of selling Asiban, while law firm Tuca, Zbarcea&Asociatii are responsible for legal advisory services for the sale. Sources familiar with the transaction indicate that the investment bank is eager for the final negotiations of the Asiban sale to take place in Paris, to ensure the confidentiality thereof.

Asiban reported gross subscribed premiums worth €185 mln in 2007, which gives it some 8.6 percent of the insurance industry share, worth €2.15 billion last year.