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CIG Pannonia gets central bank approval for MKB acquisitions

Hungarian insurer CIG Pannónia EletBiztosito Nyrt. on Dec. 22 said the Hungarian central bank had approved its acquisition of 98.97% of MKB Life Insurance and the acquisition by unit CIG Pannónia First Hungarian General Insurance Ltd. of 98.98% of MKB General Insurance.

The businesses will be acquired from Versicherungskammer Bayern Versicherungsanstalt des offentlichen Rechts. Approvals were also received from Hungarian competition authorities, and the parties plan to conclude the transaction by year-end.

The central bank also authorized CIG Pannónia EletBiztosito shareholder Vinton Ltd. to acquire indirect control over stakes in the two MKB businesses.