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Erste Bank raises capital at life insurance unit

Erste Bank Rt has raised registered capital at its life insurance unit, Erste Insurance Rt, Ft 650 million to Ft 1 billion, business daily Napi Gazdaság reported. The increase was necessary because of the company's rapid expansion: Erste Biztositó signed 9,000 new contracts in the first half of 2005, three times the number in the same period a year earlier. Now the company has 40,000 clients. Revenue from premiums also tripled during the period to Ft 2 billion.