Groupama injects 16m euros into BT Asigurari

French group Groupama, the new owner of BT Asigurari, one of the top ten insurance companies on the market, has increased the company’s share capital by around 16.2 million euros (60 million RON), according to a decision published in the Official Gazette. Following this move, the company’s share capital has reached 35 million euros (127.5 million RON). Groupama, one of the largest financial groups in the region, took over BT Asigurari at the end of last year, with 90% of the shares being purchased from Banca Transilvania for 90 million euros, and 10% – from minority shareholders, for 10 million euros. In total, the French paid 100 million euros to enter the Romanian market, the highest price ever paid by an insurance company for a company of that size. In addition to the share capital increase, Groupama has decided to change the membership of the Board of Directors of BT Asigurari. Constantin Jeican, Robert Rekkers (general manager of Banca Transilvania) and Horia Ciorcila (chairman of the Board of Directors of Banca Transilvania) will be replaced by Jean-Francois Lemoux, Charles de Girouliere and Szabolcs Nagy, after the necessary approvals are secured from the Insurance Supervision Commission.