The management of the Austrian insurance group Wiener Staedtische confirmed at a press conference in Sofia that it has completed the acquisition of 60% of one of the three major local insurers Bulstrad. The deal has received the approval of the line local authorities earlier in the year. Wiener Staedtische will take control of the general and life insurance entities of Bulstrad and plans to consolidate the business in the country by integrating the service of Bulstrad with the smaller local insurer Bulgarski Imoti, in which the Austrians hold 98% of the equity capital. Wiener Staedtische will not withdraw the shares of Bulstrad from secondary trade on the local stock exchange despite the planned merger with Bulgarski Imoti
Source: Intellinews-Bulgaria Today