Erste Bank sells insurance sector to Vienna Insurance Group
The insurance sector of Austria's Erste Bank has been sold to the Vienna Insurance Group for euro1.44 billion.
By Agencies |
AUSTRIA: The insurance sector of Austria's Erste Bank has been sold to the Vienna Insurance Group for euro1.44 billion.
The Austria Press Agency says the deal includes the sale of the bank's insurance interests in Austria and 95 percent of its insurance holdings in Eastern Europe, including those of its Romanian subsidiary BCR.
The agreement reached late Wednesday also makes the two sides primary partners, giving them preferred access to each others' business in a market of 120 million people.
The Austria Press Agency says the deal includes the sale of the bank's insurance interests in Austria and 95 percent of its insurance holdings in Eastern Europe, including those of its Romanian subsidiary BCR.
The agreement reached late Wednesday also makes the two sides primary partners, giving them preferred access to each others' business in a market of 120 million people.
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