The Slovak competition council approved the acquisition of POSTOVA Poistovna by ACHMEA's local unit

1 March 2021 — Andrei Victor
The Anti-Monopoly Office of Slovak Republik approved the acquisition of POSTOVA Poistovna by UNION poistovna - the local bussines unit of Dutch insurance group ACHMEA.

"On 9 February 2021, the Antimonopoly Office of the Slovak Republic, Department of Concentrations approved a concentration consisting in the acquisition of direct sole control of the entrepreneur UNION poistovna over the entrepreneur POSTOVA Poistovna", as the the Slovak Competition Council announced in a statement on February 25th, 2021 published on its website.

In mid-December 2020, the Dutch financial group ACHMEA announced is expanding its presence on Slovak insurance market by the acquisition of POSTOVA Poistovna after its local subsidiary - UNION and the shareholders of POSTOVA Poistovna - POSTOVA Banka and SLOVENSKA POSTA - had reached agreement on the transaction.

It is worth mention the acquisition of POSTOVA Poistovna is the second transaction on the Slovak insurance market for UNION in the past year, after in April 2019 ACHMEA's subsidiary acquired AEGON's property & casualty portfolio in the country.

"After evaluating the obtained documents and information, the Office came to the conclusion that the assessed concentration is in accordance with (..) the Act on the Protection of Competition, as it will not significantly impede effective competition in the relevant market, in particular as a result of the creation or strengthening of a dominant position. The decision entered into force on 24 February 2021".

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