Based on an agreement that became effective two weeks ago, the European Bank for Reconstruction and Development (EBRD) has acquired a 15 percent stake in the largest insurance company in Slovakia, Allianz-Slovenska Poistovna (ASP), from German Allianz AG, which formerly held 100 percent of the shares, news wire SITA wrote.
The German company will keep its majority. Both parties have agreed that the financial terms of the transaction will not be published, said Werner Zedelius, member of the Allianz AG board of directors.
Kurt Geiger, executive director of the EBRD, became a member of the ASP supervisory board.
"The EBRD has respect for and experience in central and eastern Europe and is familiar with the economic, legal, and political conditions of this region," said Geiger.
Allianz has been operating in Slovakia since 1993. In July 2002, it acquired the former state-run insurance company Slovenská poisťovňa and the merger was implemented in January 2003.
The aggregate gross written premiums of both companies last year amounted to €415 million. The Allianz group last year administered assets at €989 billion.
Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
17. Oct 2003 at 12:30