IBEC Supports Development of Insurance Business in the Markets of Member States

2020 0901 IBEC 01The International Bank for Economic Co-operation (IBEC) has signed a loan agreement with the largest Bulgarian private holding company, Eurohold, whose interests are focused on insurance, leasing, and financial services.

A credit line with a total limit of EUR 20 million is provided for up to 2 years for the development of the insurance business in the member countries of the Bank. The first tranche of EUR 11.5 million has already been disbursed. It aims at expanding Eurohold’s existing insurance business in Poland, Bulgaria and Romania. The development program of the insurance group involves opening of new offices and points of sale, and expansion of the agent network.

The next tranches of the IBEC loan will provide support to Euroins Insurance Group in terms of acquiring new insurance assets, the purchase of which is in line with Eurohold’s strategy aimed at expansion into the markets of Eastern Europe.

In recent years, Eurohold’s insurance business has been actively growing through acquisitions, and not only on the Bulgarian market. Now the group is also represented in Romania, Russia, Macedonia, Ukraine and Georgia. The group also has business interests in the markets of Greece, Italy and Spain.

By providing financing to Eurohold, the Bank supports the insurance market of the participating countries against the backdrop of the crisis conditions caused by the COVID-19 pandemic, and promotes the development of the best insurance business practices in the territory of IBEC’s presence.

IBEC Press Centre

Leave a Reply

Your email address will not be published.

Special Feature

Bankers' Corner: new sharing feature in ABA website

The ABA introduces the “Bankers’ Corner”, a new feature of the ABA website designed to provide a platform for members to post information or materials that you may wish to share with other members of the Association or anyone who may be interested in them. We encourage members to take advantage of this platform and send your materials to the ABA Secretariat through aba@aba.org.tw.