Slovenia's Triglav to buy Raiffeisen's Croatian insurance business
24/04/2018 15:12
LJUBLJANA, April 24 (Reuters) - Slovenia's largest insurer
Zavarovalnica Triglav ZVTG.LJ said it is buying Raiffeisen
Bank's RBIV.VI Croatian insurance business, the latest in a
spree of merger activity in the Balkans' insurance sector.
Triglav said on Tuesday that it had agreed to purchase 75
percent of pension insurance firm Raiffeisen Mirovinsko
Osiguravajuce Drustvo from Austria's Raiffeisen, but did not say
how much it was paying. Raiffeisen will keep the remaining 25
percent, Triglav said in a statement.
Raiffeisen said it had agreed with the buyer not to disclose
the purchase price.
The deal follows the recent acquisitions of two other
Croatian insurers and of Serbian insurer Energoprojekt Garant
a.d. ENGR.BEL by Slovenian insurer Sava Re POSR.LJ .
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"With the purchase the Triglav Group will expand its
operations and strengthen its position in Croatia in line with
its development strategy," Triglav said in a statement.
Slovenia's prospects have improved since a banking crisis
led to an overhaul of the banking sector in 2013, and forced the
financial sector to clean up debts and improve efficiency, and
economic growth has rebounded.
Austrian banks, however, have been cutting exposure to the
region as they restructure after being hit badly by the global
financial crisis.
Raiffeisen Mirovinsko Osiguravajuce Drustvo has around 70
million euros ($85 million) in funds under management, Triglav
said.
It did not disclose the details of the deal but said the
purchase will be completed after gaining regulatory approvals.
Triglav, which is 63 percent state owned, operates
businesses in Slovenia, Croatia, Serbia, Bosnia, Macedonia and
Montenegro.
Shares of Triglav gained 0.61 percent to 33 euros by 13.06
GMT, after the news was revealed, outperforming a 0.2 percent
fall in Slovenia's blue-chip SBI index .SBITOP .
($1 = 0.8195 euros)
(Reporting By Marja Novak; Editing by Susan Fenton)
((Marja.Novak@thomsonreuters.com; +386-1-5058805, Reuters
Messaging: marja.novak.thomsonreuters.com@reuters.net))