Kardan N.V. (Kardan) announced that its group company TBIH Financial Services Group N.V. (TBIH) has signed a memorandum of understanding (MOU), whereby TBIH will purchase 60% of Sigma Albania (Sigma), an Albanian insurance company, for a consideration of 12.9 million euro.
Sigma is primarily active in non- life insurance and is the second largest insurance company in Albania. Sigma owns a 100% stake in Sigma Macedonia and has a branch office in Kosovo.
The purchase of Sigma is in line with the strategy of TBIH to be active in countries that have a low level of insurance penetration.
The MOU includes the option for TBIH to purchase the remaining 40% stake in Sigma within the next four years. The final agreement and the closing of the transaction are subject to the receipt of certain regulatory approvals and the completion of due diligence.
TBIH is a subsidiary of Kardan Financial Services B.V. (KFS). TBIH is a leading retail financial services provider active in several CEE and CIS countries.
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