EFG Eurolife, the insurance arm of EFG Eurobank Greek group that controls Bancpost, is getting ready to start operating on the domestic market in early March, after having gone through the procedures to secure a licence from the Insurance Surveillance Commission (CSA).
CSA gave its approval for the setting up of two companies, one that sells life insurance and the other that sells general insurance, with the two set to file for operating licenses.
The initial plan was for the operations to start as early as 2006, with the domestic units of EFG Eurolife projected to sell general and life insurance products, largely connected to banking products.
The Greek group considered it needed vehicles for banking products with an insurance component, for combined savings and insurance products also for it to be able to benefit from the future launch of pension funds. Insurance was the only important segment of the financial market EFG Eurobank was not covering, after it had steadily expanded its domestic financial group structure through investments from scratch or acquisitions over the last two years. It currently has six operating units: EFG Retail Services, EFG Eurobank Mutual Funds Management Romania SAI, EFG Eurobank Finance, EFG Eurobank Securities, EFG Eurobank Leasing, EFG Eurobank Property Services.
Meanwhile, Bancpost is further boosting the efficiency of its structure and services amid a rapid expansion of its subsidiary network, particularly in Bucharest. The bank is particularly focusing on investments in alternative channels to provide its services along. For instance, it has installed cash collecting devices that tend to replace pay office services.
At the same time, the project related to the unification of the current account with the card account is due to be finalised next month.
Since February, Bancpost has had a new general manager, Manuela Plapcianu, a former vice president with HVB Tiriac Bank. She stated the bankes majority shareholder, EFG Eurobank, was keeping its eyes on the Romanian market, which is already bringing it considerable revenues. According to the strategy approved for the next three years, it will continue to grow organically.
Plapcianu believes there is a need to shift away from the offer of classical banking services, and market success can be achieved in the following years by providing as many connected services as possible so that customers could quickly increase incomes and the bank could be able to grow in turn on the back of such a process.
The new general manager of the bank now getting acquainted with the bank and its employees. On the basis of the experience she gained from the merger between HVB and Banca Tiriac, and then from the first phase of the HVB Tiriac-UniCredit merger, Plapcianu considers getting to know employees is of great importance, so she is preparing for a marathon tour of Bancpostes 40 county subsidiaries.
EFG Eurolife
The insurance unit of EFG Eurobank Greek group controlling Bancpost
Is getting ready to start operating on the Romanian market at the beginning of March
Has received CSAes approval for the setting up of two companies, a life insurance and a general insurance one
Insurance was the only segment EFG Eurobank was not covering, yet, after the group has constantly expanded domestically through investments from scratch or acquisitions
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