Germany’s Allianz Group announced that it has increased its stake in Croatian insurer Allianz Zagreb to 80 percent, by acquiring an additional 28 percent of the company’s capital from its partner Zagrebacka banka.
The announcement noted that the “reduction of Zagrebacka banka’s shareholding in Allianz Zagreb is provided for under the existing partnership agreement between Allianz and Zagrebacka banka and has been undertaken with the aim of optimizing the equity portfolio of Zagrebacka banka.” It indicated that the joint venture partners would continue to cooperate on sales of bank insurance products.
In the announcement on its Web site Allianz noted: “By increasing its shareholding, the Allianz Group has reinforced its commitment to the Croatian market with expectations of future growth and development.” The company is Croatia’s third largest insurer and operates the AZ fond, the biggest pension fund in the country. As of the end of June 2004, it had 447,000 customers and a fund volume of 340 million euros ($418 million) representing a market share of 42.4 percent.
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