The Serb Republic's Insurance Agency has granted permission to Standard Group to carry out its recapitalisation plans, with the transaction expected to be completed by mid-December, news portal Capital.ba reported on Thursday.
The capital injection should allow Bobar Osiguranje to stay in business given that it has, over the past few months, struggled with capital adequacy, Capital said.
The news portal added that the new owner intends to stabilise the insurer and expand its market to Bosnia's other entity, the Muslim-Croat Federation.
In July, Bobar Osiguranje announced a public tender for the sale of 70,000 company shares. However, the tender failed to attract interested parties in the subscription period. Read the full story BOSNIA's Standard Group to recapitalise Bobar Osiguranje