ERGO, Bank Austria sets share swap in Austria
VIENNA, Sept 4
VIENNA, Sept 4 (Reuters) - Insurer ERGO has swapped a 6.6 percent stake in its Austrian business for Bank Austria's remaining 10 percent stake in Bank Austria Versicherung, already an ERGO unit, the companies said on Wednesday.
No cash changed hands in the transaction, part of ERGO's campaign to have just one brand in Austria, Bank Austria Chief Executive Willibald Cernko told a joint news conference. Bank Austria is a unit of Italy's for UniCredit.
ERGO Austria, indirectly owned by Germany's Munich Re , operates in six eastern European countries as well Austria, and generated around 700 million euros ($920 million) in premium income last year, 17 percent of the group's international business.
Elisabeth Stadler, chief executive of ERGO Austria International AG, said her company was ready to make acquisitions in the region.
She declined to comment on ERGO's reported interest in Croatia's top insurer, Croatia Osiguranje, ahead of a government stake sale. ($1 = 0.7601 euros) (Reporting by Michael Shields; Editing by Louise Heavens)
- Insight: How U.S. spying cost Boeing multibillion-dollar jet contract
- Exclusive: Secret contract tied NSA and security industry pioneer |
- With Fed out of the way, what's next on Wall Street?
- Insight: For Chinese farmers, a rare welcome in Russia's Far East
- Millions of Target shoppers face new debit card limits |