Project description
and objectives:
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The EBRD will invest in the share capital of Cesko Rakouska Pojistovna (CRP), the 10th largest Czech insurance company owned by BARC of Austria. This sub-project will be executed under the BARC Multi-Project Facility (MPF), which was Board-approved in September 1997.
The capital increase facilitating the EBRD’s entry will provide the capital required for future expansion of CRP’s business. In particular, it will finance investments in connection with the demonopolisation of compulsory motor insurance in the Czech Republic.
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Transition impact:
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The Multi-Project Facility with BARC will have a significant impact on the transition process by:
- contributing to greater competition in insurance sectors
- contributing to a widening of consumer choice through product innovation assisting in the development of the local capital markets in the Bank's countries of operations. Insurance provides an important source of capital for the development of the economy through the investment of insurance reserves.
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The client:
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The EBRD will invest in the share capital of Ceska Rakouska Pojistovna, the 10th largest Czech insurance company owned by BARC, the Austrian insurance holding. CRP is a composite insurer predominantly operating in the non-life market and offers over 30 lines of business.
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EBRD finance:
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Equity investment of Kc 103.2 million (EUR 2.7 million) through the purchase of ordinary shares.
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Total project cost:
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The capital increase brings CRP’s share capital to Kc 480 million.
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Environmental impact:
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The Environmental Guidelines for EBRD Multi-Project Facilities in the Insurance Sector apply to this operation.
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Technical
cooperation:
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None
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Milton Stefani, Operation Leader: stefanim@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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