The European Commission has extended until June 17 the preliminary examination period for a 1.4 billion-euro transaction that will see Erste Bank, the majority shareholder of the BCR, sell its insurance business to the Vienna Insurance Group. Originally, the verdict on whether a more detailed investigation was needed or not, was expected for June 3rd. Potential problems have to do with the insurer's market share increase in several Central and Eastern European countries, including Austria. What could count in the decision of the EU's competition authorities would be to see Vienna Insurance fulfil its commitments to reduce its stake in the insurance division of Bank Austria Creditanstalt from 60.5% to 10%, and to sell Romanian-based Unita, for which it has already launched the selection procedure for potential buyers. The transaction that involves Erste Bank and Vienna Insurance entails a change of ownership for two Romanian insurance companies - BCR Asigurari and BCR Asigurari de Viata, which would result in a 9% market share to Vienna Insurance on the Romanian market.
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