6/11/2008

VIG eyes Turkey, Poland and Ukraine for expansion

Reuters - Austria's Vienna Insurance Group (VIG) wants to build up its position in eastern Europe in the coming years, the insurer's chief executive, Guenter Geyer, told Austrian daily Der Standard. "We want to become stronger in Poland and in Ukraine," Geyer was quoted as saying by the daily on Monday. "We are also looking very closely at the Turkish market, where we have already launched a life insurance business." VIG agreed in March to acquire all insurance assets in eastern Europe of Austria's Erste Bank for 1.4 billion euros. The deal is expected to close in the third quarter and will make the Vienna-based insurer the international market leader across the region, according to VIG.