The EBRD will invest in the share capital of Austrija Osiguranje (AO), a start-up insurance company currently 100 per cent owned by UNIQA Versicherungen AG (UNIQA) of Austria. This sub-project will be executed under the BARC (now UNIQA) Multi-Project Facility (MPF), which was Board-approved in September 1997. The equity increase facilitating the EBRD’s entry will provide the capital required for future expansion of AO’s business.
The Multi-Project Facility with UNIQA 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.
The EBRD will acquire 20 per cent of the share capital of AO, the newly created composite insurance company.
The EBRD will make an equity investment of HRK 10 million (EUR 1.3 million) through the purchase of ordinary shares.
The operation brings AO's total equity to HRK 50 million of which HRK 40 million share capital.
The Environmental Guidelines for EBRD Multi-Project Facilities in the Insurance Sector apply to this operation.
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