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Asiban Insurance is currently being assessed pending its sale, which is likely to take place in early 2008 as "many" prospective buyers have already expressed interest, according to sources close to the transaction quoted by NewsIn. Asiban is property of four banks, each having equal shares: BRD - Societe Generale, Casa de Economii si Consemnatiuni (the Savings Bank - CEC), Banca Transilvania and Banca Comerciala Romana (the Romanian Commercial Bank - BCR). Banca Transilvania and BCR have their own insurance companies. BRD is willing to sell their stake, whereas CEC initially announced intent to buy out the other shareholders, but eventually gave up the idea because they cannot place more than 20% of their equity in a third entity. Therefore, the Rothschild has been assigned to handle the sale of Asiban.
Asiban concluded Q1 with a gross profit of 2.56 million RON, up by 33% y/y and gross subscribed premiums of 138.8 million RON (41.4 million EUR), up nearly 30% y/y. According to statistics by the Insurance Supervisory Commission (CSA), Asiban ranked fourth among Romanian insurers in 2006 in terms of gross subscribed premiums (436.8 million RON) after Allianz - Tiriac, Asirom and Omniasig. Asiban has 7.62% of the life and non-life insurance market, according to CSA.
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