AXA wants to enter the local market by 2012
 French insurer AXA, the largest European player in the market, expressed its intention to enter Romania by 2012, after it has recorded significant growths of market share in other countries in the region, such as Ukraine and Poland, according to Cyrille de MONTGOLFIER, CEO of the AXA CEE Division.
The chief of the French group's operations in the region has shown that the entrance of AXA on the local market will be done either through an acquisition, or through a greenfield investment.
In fact, the intention of expanding in Central and Eastern Europe, once the crisis effects begin to level off, was announced since early this summer, Romania being considered as an extremely interesting market for the French group.
Although it expressed several times its intention to make an acquisition on the Romanian market over the past two years, including by trying to take over ASIBAN, which was bought in April 2008 by the French rival GROUPAMA, AXA has not found the right way to enter Romania so far hence is still looking for opportunities.
Moreover, in this regard, AXA is collaborating with the Romanian company ASTRA Asigurari-UNIQA, through the division AXA Reinsurance of AXA Krankenversicherung AG. In May, the two companies launched, in partnership, a premium health insurance policy with coverage abroad.
In the region, AXA is already running operations in Poland, Czech Republic, Slovakia, Hungary and Ukraine, where the group has a partnership with the French bank BNP Paribas.
Author: Andreea IONETE
on 16.10.2009
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