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EBRD and Winterthur to develop insurance and pensions sectors in central and eastern Europe
The European Bank for Reconstruction and Development (EBRD) today signed a SFR 50 million (ECU 32.8 million) multi-project facility with “Winterthur” Schweizerische Versicherungs-Gesellschaft, one of the leading international insurance groups. The facility will support Winterthur's equity investment programme in the non-life, life and health insurance and pensions sectors of central and eastern Europe. Jacques de Larosière, President of the EBRD, and Peter Spälti, Chairman and Chief Executive Officer of Winterthur, signed the agreement in London.
At the signing, Mr de Larosière said: “This first multi-project facility in the insurance and pensions sectors in the EBRD’s countries of operations is of great importance not only for the Bank but also for the region. It offers an innovative and effective vehicle to develop strong private insurance and pensions sectors in central and eastern Europe with the ultimate aim of strengthening local capital markets and furthering transition in these countries”.
Mr Spälti commented: “The impressive progress made by some central and eastern European countries towards a free and stable economy has convinced us that this region represents an important market of the future. Within the scope of a regional strategy, Winterthur has thus begun to build up its business operations in these countries. We are pleased that the EBRD, which has a very good knowledge of the markets, good connections and an excellent reputation thanks to its activities in the region, is prepared to participate in the development of our projects by concluding this agreement”.
Winterthur was established in 1875 and is the leading insurer in Switzerland. It is the fourth-largest insurance group in the European market and is among the largest foreign insurers in Spain, Germany, Belgium and Italy.
Since March 1995, the EBRD has also signed multi-project facilities with Danone and Lyonnaise des Eaux. Its experience in the insurance sector is reflected in its five signed equity investment projects in the life and non-life sectors of Bulgaria, Poland and the Russian Federation.
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