Groupama to sell its own insurance as of this fall

Groupama insurance company finalized its €350 million takeover of Asiban yesterday, after receiving all necessary approvals.

The French insurer signed the property exchange for Asiban with Banca Comerciala Romana (BCR), Banca Romana de Dezvoltare (BRD), Banca Transilvania, and CEC Bank. Each of the four companies sold their 25 percent in Asiban. Groupama will integrate Asiban and two other insurance companies it owns in Romania (BT Asigurari and OTP Garancia), and will begin selling its own insurance as of this fall.

The company's General Manager, Jean Francois Lemoux, said Groupama will be able to draw up an ambitious development plan in Romania by merging Asiban, BT Asigurari and OTP Garancia.

Lemoux added that Groupama will focus on investments to consolidate the companies it owns, and will launch new products. The company estimates it occupies third place on the Romanian insurance market, following the Asiban takeover.

Business Standard