ISAF exits Asiban for 12m euros

Intreprinderea de Semnalizari si Automatizari Feroviare (Railway Signalling and Automation Company – ISAF) sold its 20% in Asiban to the other four shareholders of this insurance company, BCR, BRD, CEC and Banca Transilvania, for a total price of 12 million euros. BRD-Groupe Societe Generale increased its interest in Asiban by five percent, to 25% following this operation. The other shareholders of Asiban (Banca Comerciala Romana, Casa de Economii si Consemnatiuni and Banca Transilvania) also took over 5% in the company each, a BRD release shows. “This deal demonstrates again, without a doubt, the confidence the four commercial bank shareholders have in our company. Asiban will continue to benefit from the good name and the endorsement of the four shareholders,” stated Mugurel Ceraceanu, Asiban”s general manager. Asiban in 2004 posted total revenues from gross premiums underwritten of 182.2 million RON. The company underwrote 157 million RON in premiums in the first six months of 2005. ZF