Vienna Insurance Group expands in Bulgaria: Bulstrad closes UBB-AIG acquisition

5 January 2016 — Mihai CRACEA
Following the signature of the agreement to fully acquire Bulgarian bancassurer UBB-AIG and regulatory approval of the acquisition, the transaction has now been completed.

Simultaneously with Bulstrad's - a well-established VIG Group company in Bulgaria - acquisition of UBB-AIG a cooperation agreement with United Bulgarian Bank (UBB) was signed. As a result, Vienna Insurance Group has expanded its portfolio in Bulgaria, enhancing sales potential in the country as part of the Group's multi-brand distribution strategy.

"Bulgaria is one of our core markets. By acquiring UBB-AIG, Bulstrad took advantage of the opportunity to strengthen its presence in the Bulgarian market and open up further customer segments", said Peter H
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