SARAJEVO (Bosnia and Herzegovina), July 18 (SeeNews) – Bosnia's competition agency said it has approved the takeover of local insurer VGT Osiguranje by Austrian peer GRAWE.
The acquisition will increase GRAWE's share on the non-life insurance market but will not lead to the establishment of a dominant position, the agency said in a statement on Monday.
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Other business entities with larger market shares operate alongside Grawe and VGT on the respective market, including Euroherc Osiguranje and Sarajevo Osiguranje.
Last week, the Sarajevo Stock Exchange announced that GRAWE has acquired an additional 12.4% stake in peer VGT Osiguranje, taking its shareholdings in the company to 100%.
VGT Osiguranje is based in the Federation, which together with the Serb Republic makes up Bosnia.
In the first four months of 2017, VTG Osiguranje’s market share in the Federation was 8.6% in terms of premiums.