French insurer Groupama buys Turkish Guven
Posted by meb at June 28th, 2008
The purchase was the latest in a string of foreign acquisitions in Turkey’s fast-growing and fragmented insurance sector.
Guven Sigorta has a 2.4 percent share of the Turkish non-life insurance market, ranking it 13th, while Guven Hayat has 1.2 percent of the life insurance market, ranking it 15th.
Unlisted Groupama is one of France’s top insurers and competes domestically with listed rivals AXA and CNP.
The French company is already active in the Turkish market, owning insurer Basak Sigorta, the 8th biggest non-life company. It also has a 30 percent stake in Gunes Sigorta.
“These company purchasees are completely in harmony with the fundamental goals of the group which is focused on organic growth and foreign growth,” Groupama said in a statement.
It said the group also aimed to strengthen its position in markets in southern, central and eastern Europe.
It added that the latest purchases were dependent on approval by the relevant authorities.
Among other current activity in the Turkish insurance sector, Yapi Kredi Bank plans to sell its insurance business Yapi Kredi Sigorta, while Vakifbank is looking to sell part or all of its shares in Gunes Sigorta.
source: Hurriyet daily
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