Eureko has signed an agreement with Russia's PromSvyazCapital to acquire 100% of the latter's insurance businesses, LLC Insurance Company Oranta, and CJSC Insurance Company Oranta-M, collectively known as Oranta.
The transaction is subject to regulatory approval in Russia, and is expected to complete at the end of November 2008.
Thomas van Rijckevorsel, board member responsible for international operations at Eureko, said: Oranta fits well with Eureko’s growth objectives. The potential offered by this transaction will go some way to fulfilling our strategic ambitions.
Despite the on-going global financial difficulties, Eureko aims to be consistent in its execution of its stated international growth strategy, and this new transaction underscores our commitment to that strategy.