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CIG Pannóniaʼs acquisition of MKB units cleared

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The acquisition of sole direct control over MKB Life Insurance by CIG Pannónia Life Insurance, and over MKB General Insurance by CIG Pannónia First Hungarian General Insurance, has been cleared by the Hungarian Competition Authority (GVH), state news agency MTI reported, based on an announcement on the Budapest Stock Exchange website late Friday.

The sale and purchase agreement was signed on October 7, MTI recalled. The transaction still requires approval from the National Bank of Hungary (MNB). 

It was announced on October 7 that the board of directors of CIG Pannónia Life Insurance had decided to purchase peers MKB General Insurance and MKB Life Insurance.

CIG Pannónia Life Insurance reportedly acquired 98.97% of the shares of MKB Life Insurance, while subsidiary CIG Pannónia First Hungarian General Insurance will purchase 98.98% of the shares of MKB General Insurance from Versicherungskammer Bayern.

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