Carpatica invests in insurance

Banca Comerciala Carpatica Sibiu intends to become the majority shareholder of Carpatica Asig until the end of 2006, by successive capital increases, which will entail an about two million-dollar investment. BCC has recently become a Carpatica Asig shareholder by buying 5% in this company for approximately 10bn ROL (250,000 euros). The bank notified the NBR of this move. “Insurance companies will have to increase their share capital in view of the European Union accession. The bank will practically take control of Carpatica Asig by successive capital increases. The affiliation to the Carpatica Group will consolidate the insurance company and allow offering integrated products that will capitalise on the expertise of both institutions,” stated Nicolaie Hoanta, the bank’s chairman. He said the transaction should be worth about 10bn ROL. The price might vary, though, depending on the result of the talks with the Carpatica Asig shareholders willing to sell. ZF