Groupama acquire the Romanian insurer Asiban (3rd on the Romanian market)

The exclusive talks announced on 03 April have led to the signature, today, of an agreement for the acquisition by Groupama International of the entire share capital of Asiban S.A (Asiban).

The exclusive talks announced on 03 April between Banca Comercială Română S.A (BCR)., BRD-Groupe Société Générale S.A.(BRD), Banca Transilvania S.A. (BT), Casa de Economii şi Consemnaţiuni CEC S.A (CEC), on the sell side, and Groupama, on the buy side, have led to the signature, today, of an agreement for the acquisition by Groupama International of the entire share capital of Asiban S.A (Asiban).

Set-up in 1996 by 4 leading Romanian banks, Asiban is one of the top Romanian life and non-life insurance companies (the third largest composite insurer in 2007 with an 8% market share). In addition to its in-house selling capabilities, Asiban has a diversified nationwide distribution platform consisting mainly of brokerage networks and agents working on a self-employed basis. In 2007, Asiban’s premium amounted to 185.8 million EUR, 39% up from previous year and almost 7 points percentage higher than the Romanian insurance market growth.