Finally in German Ergo the Rural Insurance

Completed on Monday, the transfer of 100% of the Rural Insurance from Piraeus Bank offered in the German…
Ergo Insurance Group, a member of Munich Re, compared to 90,1 million. euro.
From the divestment, the capital adequacy ratio of Piraeus will be enhanced by 5 basis points.
The two sides had reached an agreement for the sale of Agricultural Insurance in August 2014. There were just a prerequisite which delayed the deal as the acquisition of the Romanian subsidiary of Rural Insurance from the Piraeus and the purchase of 25 real estate of the insurance from the bank which were met.
Recently, and in the context of the completion of the agreement was the transfer of all of the reserves of the ATE Insurance, amounting to eur 430 million. euros in the German HSBC. The decision because of the capital controls was taken by the minister of Finance Euclid Thanksgiving and the Governor of the bank of Greece Yannis Stournaras.
The Ergo is the second largest insurance company in Germany, with recorded premiums 17,9 billion. euro 2015 43.000 employees. The total premiums of Rural Insurance in 2015 amounted to 125,8 million. million, of which eur 94,5 million. euro concern of insurance industry general insurance, and 31.3 million. on premiums of life assurance. The net profit after taxes amounted to € 18.5 million. euro. The capital adequacy ratio of the company stood at 385,7%.
The announcement of Piraeus Bank
Piraeus Bank announces the completion of the agreement for the sale of 100% of the share capital of the ΑΤΕΑσφαλιστικής in the ERGO International AG, a subsidiary of MunichRe, after the filling of the total projected in the relevant contract terms, as well as the receipt of all required approvals from the relevant bodies, including
the Fund’s Financial Stability.
ERGO InternationalAG paid a price that amounts to 90,1 million. in cash, for the total participation percentage of Piraeus Bank in ATE Insurance. The price is subject to adjustment, after the completion of the sale, based on normal criteria adjustment acquisition price, in accordance with the terms of the relevant share purchase agreement.
The transaction improves the index of CET-1 of Piraeus Bank Group by about 5 basis points, with data to 31 March 2016, mainly by reducing risk weighted assets by 0.2 billion. euro. The ATE Insurance occupies an important position in the Greek insurance market in the industry of Damage, and providing insurance products Life and Health.
George Poulopoulos, deputy ceo of Piraeus Bank, stated:
“The sale of ATE Insurance highlights our commitment to the implementation of the Restructuring Plan of the Bank, which provides for, among others, divestment from specific non-purely banking activities. The investment in Greece of a powerful Group, such as ERGO, confirms the international interest in the prospects of the Greek economy, at a time when foreign direct investments and the jobs have extreme importance for the domestic market. The know-how and the strong reputation of the ERGO to ensure the continued success of the ATE Insurance, with the assistance of its employees and for the benefit of its customers”.
Source

Exit mobile version