Groupama invests 128m euros in its Romania-based companies

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French insurance group Groupama has capitalized by some 128 million euros the insurance companies which it bought in Romania Asiban, BT Insurance and OTP Garancia and other capital rises are scheduled by the end of next year, said general manager of Groupama Insurance, Denis Rousset at the official release of insurance operations on the Romanian market.

‘By the end of this year another rise in capital has been scheduled and it has already been approved by shareholders, ‘said Rousset.
The group paid some 450 million euros for the insurance companies purchased in Romania, after Asiban, BCR, BRD and other minor shareholders sold their stakes to Groupama, two years ago.

Groupama Insurance has 300 agencies and selling points and 2,700 employees. The French insurance group Groupama reported an 11.9 percent fall in revenues in Romania in H1 2009 up to 104 million euros allowing for the strong shrinkage of business in the segment of life and health insurance.

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