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CIG Pannónia to merge recently acquired MKB unit

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Budapest bourse-listed CIG Pannónia Life Insurance said that its recently acquired unit Pannónia General Insurance will merge into its unit CIG Pannónia First Hungarian General Insurance, the general meetings of the affected units decided on April 13, according to Hungarian news agency MTI.

CIG Pannónia First Hungarian General Insurance acquired 98.98% ownership in Pannónia General Insurance, previously MKB General Insurance, from MKB Bank on January 1, 2017. On the same date CIG Pannónia Life Insurance acquired 98.97% ownership in MKB Life Insurance, which it renamed Pannónia Life Insurance.

CIG said MKB Bank did not wish to retain its minority stake in the legal successor. MKB Bank is entitled to receive the countervalue of its stake in cash. CIG Pannónia agreed to acquire MKB Insurance from Versicherungskammer Bayern late last year. 

CIG Pannónia Life Insurance paid under HUF 1 bln for MKB Insurance. The price was well under its fair market value, according to data in an earnings report that showed that the fair value of the net assets of MKB Insurance, which comprises a general insurance and a life insurance unit, stood at HUF 3.4 bln on January 1, 2017.

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