TBC Bank buys local Kopenbur insurance company for $1.4m
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One of the leading banks in Georgia, TBC Bank, is continuing its ambitious growth plan by making a $1.4 million deal to acquire 100 percent shares of local insurance company Kopenbur.
In line with TBC’s strategy to enhance its product offering to its customers, the Bank signed a deal on Monday to purchase the Kopenbur insurance company.
Once the acquisition is finalised, Kopenbur will become the main Bancassurance partner of TBC Bank.
Its product portfolio will include Motor, Travel, Personal Accident, Credit Life, Individual and Group Life, Business Property and Liability Insurance services.
TBC Bank Group PLC has ... signed an agreement to acquire 100 percent of JSC Insurance Company Kopenbur for $1.4m USD in cash. This transaction is in line with TBC PLC’s strategy to enhance its product offering to its customers,” said the Bank yesterday.
This will be the third major transaction TBC has made recently.
The first transaction was made in September when TBC Bank purchased Bank Republic, a member of French Societe Generale.
The second transaction was made earlier in October when TBC Bank purchased Progress Bank, initially founded by Georgia’s former Minister of Energy Kakha Kaladze.
Once TBC Bank owned Kopenbur, its services will be offered to TBC Bank customers and others.
Kopenbur was mainly focused on the retail segment in Georgia, with particular strength in motor insurance, and complements the traditional Bancassurance products and services.
TBC Bank’s ambition to build the leading banking group in Georgia has become reality after it purchased another local bank, Progress Bank, initially founded by Georgia’s former Minister of Energy Kakha Kaladze.
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