BULGARIA: The leasing arm of ARMEEC to acquire ERB Leasing

Bulgaria's ARMEEC Leasing, part of local insurer ARMEEC, intends to acquire the Bulgarian unit of ERB Leasing, part of Greece's Eurobank group.

In this regard, ARMEEC seeks regulatory nod to acquire the ERB unit, wrote SEE NEWS: "Bulgaria's competition authority said it has received a request from ARMEEC Leasing, (...), to approve the purchase of Sofia-based ERB Leasing (...)".

"The acquisition is expected to affect the markets of financial and operational leasing," the Commission for Protection of Competition said in a statement.

ARMEEC Leasing is a part of non-life insurer ARMEEC, which is part of the Bulgarian holding CHIMIMPORT. The insurance company ARMEEC was set up in April 1996 by the Bulgarian Defence Ministry. In July 2002, the Bulgarian holding CHIMIMPORT (with business in finance, production of oil and gas, production and trading with petroleum products, processing and trading with grain and oilseed oils, trading with chemicals and fertilizers, aviation, river and maritime transport) acquired 91.92% of the insurer's capital, the Ministry of Defense retaining the remaining 8.08% of the share capital. At the end of 2017, ARMEEC reported GWP worth EUR 100 million, being the third largest non-life insurer in the country (market share of 11%).

ERB Leasing, an affiliate company of Eurobank Bulgaria - (the third largest depository institution in the country, as well as the second largest mortgage lender, and the largest credit card issuer) is active in financial and operational leasing services.

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