According to these sources, the Czech PPF group, which will take over Generali’s local operations, has indicated in a report that the Generali Asigurari level of performance is low compared to other subsidiaries in Central and Eastern Europe.
By the end of September 2007, VIG will announce the team to take over Asirom, when the company’s current CEO, Austrian Boris Schneider, will be replaced.
Contacted by Business Standard, Tudor Moldovan denied rumors that he might trade Generali Asigurari for VIG. The global strategy of the Austrian group involves concentrating local operation management to one representative.
The Romanian market is still expecting such a move. The current Manager of Omniasig (company owned by VIG), Constantin Toma, will most likely get the job, although he has denied this possibility.
Peter Wilk currently manages Generali Holding Vienna for Romania, the Czech Republic and Poland. The headquarters of the new mixed company was moved to Prague, so the Generali Holding Vienna division will be dissolved, and Wilk will lose his position. Sources say Wilk is presently negotiating with VIG, and when he leaves Generali he is likely to take Tudor Moldovan with him.
The unification of operations of the Generali group and those of the PPF company in Central and Eastern Europe may be finalized in the second half of 2007, according to the two companies.
The Romanian subsidiaries of VIG, former Wiener Staedtische, registered revenues from premiums worth €192 million in H1 2007, a 79 percent year-on-year increase.
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