January 6 (SeeNews) - Bulgaria's Groupama Zhivotozastrahovane said that it intends to absorb its recently acquired subsidiary Groupama Express Life.
In October 2018, Groupama Zhivotozastrahovane completed the acquisition of 100% of Express Life Insurance from the local units of Hungary's OTP. Express Life Insurance was subsequently renamed to Groupama Express Life.
Groupama Zhivotozastrahovane will not increase its capital after if absorbs Groupama Express Life, according to data from the agreement between the two companies.
The Financial Supervision Commission has not yet granted approval to Groupama Zhivotozastrahovane to absorb its unit.