Turkey Wealth Fund to buy GROUPAMA's 10% stake in GUNES Sigorta

13 February 2020 — Andrei Victor
Turkey's sovereign wealth fund announced its TVF Finansal Yatirimlar unit had agreed to purchase France-based Groupama Holding SA's 10% stake in Turkish insurer GUNES Sigorta, Reuters reported, quoting a statement from the sovereign wealth fund. No further details including financial terms of the transaction were available.

The press agency noted the Turkey Wealth Fund said that "the move was within the scope of a consolidation project for public insurance companies which was announced on Dec. 15".

According to the year-end 2019 market figures published by Association of Insurance and Reinsurance Companies of Turkey, in terms of GWP GUNES Sigorta is the 9th largest insurer in the country (out of 59 active insurers) with TRU 2.2 billion (EUR 340 million) - the equivalent of 3.3% market share.

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