Wiener Städtische Versicherung AG - VIENNA INSURANCE GROUP
euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
Mergers -
Acquisitions - Takeovers
Vienna Insurance Group increases interest in TBIH to
the amount of 60 percent following restructuring
Focusing on the core business
segments of
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
22.08.2006
Please note: this is a translation; only the German version of this news release is legally binding.
The Vienna Insurance Group is transforming its current 40 percent stake in Kardan Financial Services B.V. (KFS) into a direct participation in TBIH Financial Services Group N.V. (TBIH) and from now on holds a share of 60 percent in that company. At the time of transaction the enterprise value of TBIH amounts to about EUR 270 million. The remaining shares in TBIH are held by the former majority owner KFS. This agreement was reached with the Dutch Kardan Group.
In the course of the transaction it was furthermore agreed that Dutch TBIH will in the future be putting its focus exclusively on the insurance and pension fund business based on numerous investments in companies in the booming region of Central- und Eastern Europe. In exchange, the participations in the business segments of leasing, asset management and banking services will be carved out from TBIH and allocated to KFS.
This will enable the Vienna Insurance Group to focus entirely on its core business segment. The 60 percent share in TBIH will enable the Vienna Insurance Group even more to make use of the attractive growth potential for business in Central- and Eastern Europe.
"Expanding our stake in TBIH and at the same time focusing on our core business will allow us to contribute to a strong business development of TBIH's Central and Eastern European companies in the field of insurance in an even better way," says Günter Geyer, CEO of Wiener Städtische regarding the restructuring measures.
TBIH is a financial services group specializing in Central and Eastern Europe. Via TBIH, the Vienna Insurance Group holds stakes mainly in the following insurance companies: the Bulstrad-Group in Bulgaria, Helios Insurance in Croatia, GPIH in Georgia and Omniasig Life in Romania. The latter belongs to Omniasig-Group in which Vienna Insurance Group holds a direct interest. Taking into account the participations in insurance companies held via TBIH, the Vienna Insurance Group is situated in the top segment of the respective market in all of these countries.
The participation in TBIH will, in addition, provide the Vienna Insurance Group with substantial access to the developing pension markets in Bulgaria, Croatia, the Ukraine and Georgia.
In close cooperation with the Kardan-Group the Vienna Insurance Group will continue to jointly lead TBIH. The transaction was effected subject to the approval of the authorities. Vienna Insurance Group's net investment for achieving the new ownership structure amounts to about EUR 34 million.
The Vienna insurance group had acquired a stake in TBIH in April 2006 via KFS.
WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group A-1010 Wien, Schottenring 30 ISIN: AT0000908504
end of announcement euro adhoc 22.08.2006 07:36:50
Further inquiry note:
Mag. Barbara Hagen-Grötschnig
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at
Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market