The insurance “heavies” raise Asiban’s stake to some €300 mln

Sources quoted indicated that the companies who will gain access today to Asiban’s data include Axa, Groupama (French), Uniqa (Austrian), Eureko, Aegon (Dutch), Fondiaria, Generali (Italian), and Munich Re (German).

The eight financial groups are waiting to submit final bids for the acquisition of Asiban by 6 March, with the entire process expected to be finalized in the second half of the year, according to the transaction schedule.

Asiban, established in 1996, is now controlled by four banking groups: BRD SocGen, Banca Transilvania, Casa de Economii si Consemnatiuni (CEC) and Banca Comerciala Romana (BCR). The market’s largest bank, BCR, ceded one share in 2006 to Financiara SA, which is also part of the financial group now controlled by Austrian Erste.

According to the figures reported for the first nine months of 2007, Asiban registered a profit of some €2 mln on a volume of gross subscriptions worth €135.2 mln. It comes in fifth, with an 8.36 percent market share.

The sale of Asiban, seen by players in the merger and acquisition industry as one of the most important transactions in 2008, has attracted very powerful global insurance companies, interested in gaining a position on an emerging market with major potential for growth in the coming years.

The Rothschild Investment bank was entrusted with the sale of Asiban last year, and legal advice was provided by the Tuca, Zbarcea & Asociatii law firm.