The board of directors of Italian finance firm Unicredit has given the thumbs up for the proposed extension of its cooperation agreement with Munich Re and Ergo to reach the CEE region.

The extension of the cooperation agreement, which currently exists in Germany, Austria and Poland, focuses on the development of the distribution of both Ergo life and non-life insurance products through the branches of the UniCredit subsidiaries operating in Romania, Slovakia, Slovenia, Hungary, Russia and, partially, Poland, where cooperation with Bank Pekao’s existing partner will continue.

In the medium term, the same type of cooperation will also be extended to Serbia, Ukraine, Bosnia and the Baltic States.

Once this has been implemented, Munich Re and Ergo expect to establish a centralized hub for the supply of cost-efficient and effective services to support local operations.

Through this agreement, the two parties aim to establish a long-term partnership.