INSURING TOMORROW WITH CONFIDENCE
Group recruitment site
Motor, home, agricultural, services, business, professionnals and local authorities
Individual health, individual protection, life insurance – individual savings/pensions, group insurance
Asset management, property management, employee savings, banking
16 February 2007
Groupama S.A., Emporiki Bank and Crédit Agricole S.A. announce that they have reached an agreement on a definitive list of key terms and conditions for the acquisition by Groupama International of 100% of the shares of Phoenix Metrolife, and are in exclusive negotiations to finalise such terms and conditions. The relevant agreements will be subject to the necessary authorizations required by law. When the relevant agreements are finalised, a further announcement will be made. The contemplated transaction encompasses all the current operations of Phoenix Metrolife and foresees that Emporiki Bank and Phoenix will maintain a cooperation for the distribution of some non life insurance products.
Phoenix is one of the leading Greek insurance companies, (second largest insurer in non-life and eigth in life and savings in 2005). The company serves retail, small and mid-size corporates, as well as corporations for group life and investment contracts. Phoenix has a diversified national distribution platform consisting mainly of brokers, agents and direct distribution. In 2005, Phoenix generated premium revenues of 229 m€.
For Crédit Agricole S.A and Emporiki Bank, this transaction aims at focusing on the development of Life and Non Life bancassurance through the Emporiki banking network.
For Groupama, this acquisition reflects its strategic commitment to expand its international operations becoming a benchmark international player, especially in the markets of Southern Europe.
Subscribe to Groupama Group RSS feed