The Insurance Agency of Bosnia's Serb Republic confirmed on Monday that Bijeljina-based company Standard Group is seeking a nod to become a majority shareholder in local insurer Bobar Osiguranje.

A spokesperson for the Agency told SeeNews in an email that the request submitted by Standard Group is currently being processed.

The Agency added that meetings have been held with company representatives to discuss all necessary activities in the process of acquiring a stake in the insurer.

On Friday, news portal Capital.ba reported that Standard Group is interested in recapitalising Bobar Osiguranje with some 4 million marka (2.04 million euro) and becoming a 76% shareholder in the company.

The 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 Regulator confirms BOSNIA's Standard Group eyeing Bobar Osiguranje