Groupama agreed to purchase from OTP Bank 100% of OTP Garancia Zrt, together with its wholly-owned insurance subsidiaries in Bulgaria, Romania and Slovakia. As part of its commitment to a regional partnership with OTP Bank, Groupama also pledged to acquire up to 8% of the existing shares of OTP Bank. The Ft 164 billion purchase price of Garancia will serve the further expansion of OTP, said president-CEO Sándor Csányi at the press conference jointly held with Groupama CEO Jean Azéma. “The CEE and CIS regions are attractive markets for Groupama, which views this transaction as a unique opportunity to enhance its presence in this promising region. The increasing prosperity as countries join the EU or converge to EU levels as well as a relative under-penetration of insurance products in countries with large populations are significant future growth catalysts for the region,” said Azéma, adding that the company aims to reach a 5% market share and about €1 billion worth fee revenues a year in the region by 2016. (Napi Gazdaság, Gazdasági Rádió)
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