Vienna Insurance prepares for new acquisition

Austrian group Vienna Insurance, owner on the domestic market of Omiasig, Unita, Agras and Omniasig Life, plans to buy another insurance company by the end of this year, according to Omniasig’s president, Constantin Toma. “Vienna Insurance wishes to maintain its position as a group at the top of its profession and will do everything possible to achieve this aim, both through an organic growth, and through acquisitions, if such opportunities arise. At present, there is a company we have set our eyes on,” says Constantin Toma. He did not specify the name of this company, explaining only that the group is interested in large companies. Out of the top 10 companies, the group’s potential targets for acquisition could be Asirom, Asiban, BCR Asigurari (BCR Insurance) and BT Asigurari (BT Insurance). Of these, the only one officially for sale is Asiban. Three out of the four banks, which each hold 25% in the company’s shares (BCR, BRD-SocGen and Banca Transilvania) have announced their intentions of selling their stakes, while the fourth bank, CEC (The Romanian Savings Bank) is still considering its position.