The European Bank for Reconstruction and Development has expanded its framework agreement with Uniqa from the previous E70 million to E150 million. As the first new project based on this expanded framework agreement, the European Bank for Reconstruction and Development is taking over 20% of Uniqa Osiguranje, an insurance company in Bosnia.

The expanded framework agreement will be available in the future for minority participations in existing Uniqa subsidiaries in central and eastern Europe as well as for any further acquisitions. Since the start of the cooperation, European Bank for Reconstruction and Development (EBRD) has invested roughly E46 million in Uniqa subsidiaries in Croatia, the Czech Republic, Hungary and Poland.

Konstantin Klien, CEO of Uniqa, said: We see the years of successful cooperation with the EBRD as an impressive recognition of our international strategy and our expertise in the industry as well as in the markets of southern and south-eastern Europe.

Kurt Geiger, business group director for financial institutions at EBRD, said: Together with a strong partner such as Uniqa, we are expanding our activities in south-eastern Europe and promoting improved business methods and competition through the understanding we have of these countries and the professional know-how we bring.