GREECE: ALLIANZ and ERGO interested in buying AGROTIKI

26 June 2014 — Vlad BOLDIJAR
ate_insuranceALLIANZ SE - the largest European insurer and ERGO Versicherungsgruppe - the insurance unit of MUNICH Re - are in talks to buy the Greek insurer AGROTIKI Insurance - owned by PIRAEUS Bank, according to BLOOMBERG quoting three people familiar with the matter.

The price of AGROTIKI, also known as ATE Insurance, is estimated at EUR 60-80 million, BLOOMERG noted. ATE Insurance's net revenue last year was EUR 39.5 million, up from EUR 26.5 million in 2012.

PIRAEUS is Greece's second-biggest bank by the assets volume. Three months ago it raised its capital from foreign investors by EUR 1.75 billion, after a stress test conducted by the country's central bank identified a capital shortfall of EUR 425 million.

According BLOOMBER data, "it also sold three-year bonds worth EUR 500 million on March 18 in the first public debt sale from a Greek lender since 2009. Greece's central bank stated in March that banks needed to boost their capital by EUR 6.38 billion, following six years of recession and the country's financial crisis."

"The deal could be closed at the end of this month," the Greek newspaper KATHIMERINI reported, quoted by BLOOMBERG.

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