The transaction is expected to be completed in the second half of this year after all approvals and authorizations have been received.
According to the buyer, the transaction is exclusive in the Romanian insurance industry, as it is the first time that a private insurance company has been acquired by an insurer whose majority shareholder owns a controlling stake in the state capital.
“The takeover of Asito Kapital, owned by Moldasig, one of the leaders of the insurance market in Moldova, is part of EximAsig’s strategy to expand and strengthen its position in the Romanian insurance market,” the buyer said.
During the takeover process, both companies will operate independently, without interruption, and all their employees and partners will enjoy the same level of quality, professionalism and transparency as before.
KPMG Advisory and KPMG Legal are assisting EximAsig in the transaction.
Exim Romania (EximAsig) is 100% Romanian and its majority shareholder is Exim Banca Românească. Having obtained authorization for credit and guarantee insurance in August 2010, it serves both legal entities and individuals.
It is one of the leaders in the surety insurance market with a share of 15.87%. Last year, it recorded a net profit of 17.37 million Romanian lei (67.22 million Moldovan lei), almost 19% more than in the previous year.
