CROATIA Osiguranje (CO) has received the approval from Croatian Financial Market Authority (HANFA) to acquire more than 50 % of the shares of the local French unit of BNP PARIBAS - CARDIF Osiguranje.

The Announcement was published on the Zagreb Stock Exchange website. Previously, at the end of May, CO announced it has concluded a purchase agreement for the acquisition of 100% of CARDIF Osiguranje insurance company from BNP PARIBAS. The transaction amount was not disclosed.

"Purchase Agreement was concluded between the companies CROATIA Osiguranje d.d. and BNP PARIBAS CARDIF Insurance in France on May 24th 2017, by virtue of which CROATIA Insurance purchases a 100% share in the company BNP PARIBAS CARDIF Insurance in Croatia. (...) The Purchase Agreement shall be valid upon acquiring approval from the Croatian Financial Services Supervisory Agency. The public will be timely informed of the relevant matter", CO informed on the Zagrebacka Burza (Zagreb Stock Exchange) web-site.

At that time, local media said that the transaction will take place due the intention of the French insurer to leave some regional markets.

CARDIF Osiguranje entered the Croatian insurance market in 2007. At the end of 2016, it held a market share of about 0.4% (GWP of about EUR 5 million).

Established in 1884, CROATIA Osiguranje is the largest and oldest insurer in Croatia and the Adriatic region. Since 2014, CROATIA Osiguranje is owned by the local holding ADRIS Group - with business in tourism, real estate, tobacco and food industry. At the same time, CROATIA Osiguranje is one of the largest insurance groups in CEE Region, with operations in Slovenia, Serbia and Macedonia.