Germany-based Ergo Insurance Group has taken over a majority interest in Bank Austria Creditanstalt Versicherung, and now holds 90% of total shares.

Previously, Ergo held around 30% in the Bank Austria Creditanstalt Versicherung (BA-CA Insurance). It has now taken over the 60% stake owned by the Wiener Stadtische Versicherung Vienna Insurance Group which relinquished its stake in BA-CA Insurance for reasons of fair trade. UniCredit Bank Austria will retain the remaining 10%.

BA-CA Insurance is a life and accident insurer in Austria. As part of the takeover Ergo is concentrating its bancassurance activities in Austria as well as in central and eastern Europe under the umbrella of Ergo Austria International, which acts as the holding company for BA-CA Versicherung, Victoria Volksbanken Versicherung and a service company responsible for central services such as accounting, actuarial services or human resources for all companies within the group.

Thomas Schollkopf, member of the board of Ergo International in charge of activities in central and eastern Europe, said: The countries there are significant growth markets, offering excellent opportunities for developing and expanding business, as well as achieving high double-digit growth rates.