Agricultural Insurance - Press Release

The Insurance Companies of the Group of Agricultural Bank of Greece, of Agricultural Insurance and Life Insurance have decided to establish a Life & General Policies Insurance Company in Romania, while it would reside in Bucharest.The relative application together with the study will be submitted to the relevant authorities of Romania within the following days, while the procedures upon the design of products, which will be sold in the Romanian market and the planning of the company's offices in Bucharest have already initiated.The new company will be called A.B.G. Insurance Co (Agricultural Bank of Greece Insurance Company) and the new shareholders will be the Life Insurance possessing the percentage of 50%, the Agricultural Insurance possessing the percentage of 40%, the Agricultural Participation possessing the percentage of 5% and the Agricultural Bank of Greece Finance possessing the percentage of 5%. The stock capital will reach the amount of 500 million drachmas during the next three-year period.The Company will be initially activated in the market of Romania through a sales network and at continuity through one or more banks developing the institution of Banc assurance. The Company will promote the products of life and health, while for their design the needs of population and the economic conditions of the local market are taken under consideration. Also, it will promote products of general fields (car insurance, fire insurance, transportation insurance, etc).The mission of the new company is to move into the buyout of a local company when the appropriate conditions will be developed. The designable activation of the mother company of Agricultural Bank of Greece into the market of Romania would give a further boost in the insurance operations of the company under establishment.It should also be noted that Romania is an arising financially country, which possesses important wealthy-producing sources and human personnel of satisfying level. Despite the high level of inflation (50%), the country concentrates considerate abilities of economic development; these are conditions that ensure substantial benefits to those companies that will get activated in this market within the future.


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