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Garancia buys Romanian insurer

Garancia Insurance Rt, the insurance affiliate of OTP Bank Rt, purchased 95.81% of Romanian insurer Ceccar Romas for €1.92 million, Napi Gazdaság reported. Negotiations of the acquisition have been going on for several months. On 10th October Ceccar's general assembly decided on the €4.3 million rise of the company's registered capital. The increase in the equity is split in half between Garancia and OTP, as a result of which the OTP Group's total share in Ceccar's equity will reach 98%. Ceccar Romas is medium size insurance company specializing in car insurance on the Romanian market. Its revenue was €1.75 million in 2004.