Clal insurer seeks buyer for Romanian operations

The Israeli insurer group Clal is negotiating with an investment group to sell its Romanian subsidiary in the second quarter of the year to optimize resources, declared the general manager Valentin Tuca, cited by NewsIn.
He explained that the Romanian business is a greenfield investment which needs constant capital input from the parent-company and that owing to the current economic crisis there are no clear parameters as to the return of that money.

Clal Romanian began operating on the insurance market in December 2006 and last year it counted on 1,500 clients and a turnover of 2 million euros. The estimate for this year was of at least 4 million euros in turnover and 4,000-5,000 clients.

The company is controlled by the Dutch C.I.E. Holdings BV. With 99.95 percent of the shares, but the Israelite Clal Insurance Enterprise Holdings LTD is the majority indirect shareholder owning all the C.I.E. Holdings BV shares.

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