EU approves Groupama’s purchase of Hungarian bank’s insurance arm

16th April 2008, Comments 0 comments

European Commission gives go ahead after concluding that the deal would not stifle competition.

16 April 2008
BRUSSELS - The European Commission approved on Wednesday French insurer Groupama's purchase of the insurance business of the biggest Hungarian bank after finding the deal would not stifle competition.

"The commission concluded that the operation would not significantly impede effective competition," the European Union's top antitrust watchdog said in a statement.

OTP agreed in February to sell its insurance business, OTP Garancia, to Groupama for EUR 647 million in order to better focus on its banking activities.

[AFP / Expatica]

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