English
French based insurers Groupama and Axa, as well as the Italian-based Fondiaria SAI have expressed interest in acquiring Romanian-based counterpart Asiban.
In early October 2007, Groupama acquired Romania"s BT Asigurari for 90 million EUR within a concentrated plan to expand to Central and Eastern Europe. Fondiaria SAI confirmed to have placed a bid for Asiban, the fifth largest insurer in Romania by market share. In turn, Axa denied comment on the matter.
Asiban is controlled by four banks: BCR, BRD Societe Generale, Banca Transilvania and CEC. "Negotiations for the sale of Asiban are currently ongoing. We have not yet decided whom to sell the company. We will obviously opt for the best offer," said CEC President Radu Ghetea.
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