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.
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.
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.
Equity investment of Kc 103.2 million (EUR 2.7 million) through the purchase of ordinary shares.
The capital increase brings CRP’s share capital to Kc 480 million.
The Environmental Guidelines for EBRD Multi-Project Facilities in the Insurance Sector apply to this operation.
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