Insurance, Pension, Mutual Funds
29 Apr 2003
24 Oct 2001
Potential equity investment of up to 20 per cent in Slovenska Poistovna (SP), the largest non-life and life insurance provider in the Slovak Republic, alongside a qualifying strategic investor as part of the company’s privatisation. The investment will support the restructuring of SP and, in particular, its institutional strengthening and the expansion of its product portfolio. In addition the project will support the development of enhanced marketing and distribution capabilities and the continued disposal of non-core equity investments.
The project will support the development of SP, bringing additional technical know-how to the company (both in terms of training for local employees and through the development of new systems and products) and aid the development of the Slovakian insurance market. It will also act as a model for other similar projects, stemming in particular from improved corporate governance.
SP is the largest insurance company in the Slovak Republic providing both life and non-life insurance products. In 2000, SP had a 56 per cent non-life market share and a 36 per cent life market share. With four regional offices, 34 branches and 108 representative offices, SP operates across the whole of the Slovak Republic.
Equity investment up to a maximum of 20 per cent. Cost to be determined.
To be determined.
SP will be required to conduct its insurance and asset management operations in accordance with the EBRD’s Environmental Guidelines for the Insurance Sector.
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