Groupama Biztosito enters the Croatian market

1 September 2021 — Andrei Victor
French insurer Groupama announced its Hungarian subsidiary - GROUPAMA Biztosito finalized the acquisition of 100% of the shares of the Croatian insurance company OTP Osiguranje from OTP Banka d.d., Croatian subsidiary of OTP Bank.

Following the acquisition, the company will continue to operate in the Croatian market as a subsidiary of Groupama Biztosito under the new name Groupama Osiguranje d.d..

"Groupama Biztosito is entering the Croatian market, building on its experience gained in the Hungarian insurance market, accumulated banking insurance expertise, and strategic cooperation with OTP Bank. The insurance company acquired from OTP Bank's Croatian subsidiary has a solid foundation and there is a significant growth potential in its successful operations", as the French insurer mentioned in a statement.

Groupama Biztosito signed a purchase agreement for the acquisition of a Croatian insurance company, OTP Osiguranje, in December last year. " The Croatian subsidiary of OTP Bank has now completed the financial closing of the transaction, following the issuance of the supervisory licenses required for the acquisition of the Croatian insurance company wholly owned by OTP Bank".

"The Croatian insurer has been operating successfully for years in its core markets, where further growth is also expected. However, these are not the only reasons why it was an excellent investment for Groupama Biztosito. Both we and management of the Croatian bank are convinced that there are additional opportunities in our existing bancassurance relationships, which we would like to develop in the upcoming years", explained Bertrand Woirhaye, CEO of Groupama Biztosito.

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