UNIQA is looking for possible acquisitions in CEE

15 September 2011 — Mihai CRACEA
uniqa2The Austrian insurance group UNIQA intends to expand its business in Central and Eastern Europe through possible acquisitions in Bulgaria, The Czech Republic, Hungary, Russia, Serbia or The Ukraine. "We believe that these countries have huge mid-term potential for insurance growth", said Kurt SVOBODA, Member of the Board and Chief Risk Officer for UNIQA.

"The current crisis in Europe has created problems, however. But we believe that, as the European Union is continuing to invest in these countries, this fall-back will reverse itself soon", he added.

He said that UNIQA has a so called two-step approach to acquisitions. The first one is to instill in the management and staff western business standards and culture. Te second one is to clean up the companies and to bring them into a profitable position and establish an equity base.

He says this collaborative and slower approach to business is very much part of the business filosophy both in Austria and at UNIQA. "We view our investments in Eastern Europe as a mid to long-term investment. We come to stay. It may not be easy but it is a more sustainable business model", SVOBODA Said.

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