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Vienna Insurance Group grows in Netherlands

Posted On: Apr. 17, 2007 12:00 AM CST

VIENNA, Austria¬ó Wiener Stadtische Versicherung A.G. (Vienna Insurance Group) said Tuesday it had finalized a transaction giving it a direct 60% stake in TBIH Financial Services Group N.V.

TBIH, an Amsterdam, Netherlands-based financial services group, holds stakes in a number of Central and Eastern European insurance companies. The closing was effective on Monday.

"Taking over the majority shareholding in TBIH is a further important step in our commitment to the vigorously growing markets in Central and Eastern Europe," Wiener Stadtische CEO Gunter Geyer said in a statement. "This allows us to make a more direct contribution to the growth of the TBIH companies in that region and to make greater use of the business potentials."

Last August, Wiener Stadtische announced it would be transforming its 40% share of Kardan Financial Services B.V., into a direct ownership of TBIH. Kardan Financial continues to be the minority shareholder of TBIH.

Among TBIH's major insurance company holdings are: Bulgarian Bulstrad Group (Bulstrad 97.3%, Bulstrad Life 91.4%), Croatian Helios (100%) and Romanian Omniasig Life ( 49.97%).