Vienna Insurance Group completes acquisition of TBIH’s stakes in Albania, Bulgaria, and the Former Yugoslav Republic of Macedonia

TIRANA, June 16–Austrian insurance group, Vienna Insurance Group, said it wrapped up the takeover of the stakes held by TBIH Financial Services Group in insurance companies in Albania, Bulgaria and the Former Yugoslav Republic of Macedonia after it obtained the necessary regulatory approvals.
The Vienna Insurance Group directly holds 60% of TBIH and Dutch financial group Kardan Financial Services owns the remaining 40%.
In Albania, the Vienna Insurance Group acquired TBIH’s directly held majority stake of approximately 87% in local insurer Sigma and now holds 100% of Sigma’s shares in the Former Yugoslav Republic of Macedonia, the Austrian group said in a statement. Sigma was established in Albania’s capital Tirana in 1998 and is also present in Kosovo by a branch office.
Vienna Insurance Group is also active in Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Poland, Romania, Russia, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. It also has branches in Italy and Slovenia.
The group says it is now the sixth largest insurer in the Former Yugoslav Republic of Macedonia, the second biggest in Albania, the fourth biggest in Croatia and the market leader in Bulgaria.