Allianz strikes $883 mln deal to be top Turkish insurer

Deals

Europe’s biggest insurer Allianz has secured the top spot in Turkey’s fast-growing insurance market by agreeing to buy Yapi Kredi Sigorta for about TRY 1.6 billion ($883 million, £584.5 million). The German group said on Wednesday it was buying a 93.9% stake in the Turkish insurer from local lender Yapi Kredi Bank. After closure of that deal, it will make a mandatory tender offer for the remaining 6.1% stake. Allianz said squeezing out minority YKS investors would make it easier to achieve efficiencies from the deal. Under a so-called bancassurance agreement over 15 years, Allianz will also get the right to sell insurance through Yapi Kredi’s network of 928 bank branches, Turkey’s fifth largest, with 6.5 million customers. Turkey’s growing population and rising standard of living have prompted a sharp increase in demand for car, property health and life insurance, but price competition among insurers is intense and many have suffered losses in recent years.

HUPX Joining Serbian, Slovenian Peers in Adex Power

HUPX Joining Serbian, Slovenian Peers in Adex

Moldovan Pensions to be Increased as of April 1 World

Moldovan Pensions to be Increased as of April 1

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic... Appointments

Schoenherr Names Miklós Klenanc as Head of Local M&A Practic...

Hungarian Wine Marketing Agency to Host Summit Drinks

Hungarian Wine Marketing Agency to Host Summit

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.