LJUBLJANA, Oct 20 (Reuters) - Slovenia’s largest insurer Zavarovalnica Triglav has agreed to sell its Czech business Triglav Pojistovna to Prague-based VIGO Finance, part of VIGO Investments Group.
“The sale is expected to be concluded by May 2015,” Triglav said in a statement, adding that the sale is in line with its strategy of focusing on southeastern Europe.
Majority state-owned Triglav, which also has operations in Croatia, Serbia, Bosnia, Macedonia and Montenegro, did not reveal the value of the deal.
It said its Czech unit represents less than 1.5 percent of Triglav’s balance sheet assets and had a market share of 1.1 percent in the Czech Republic.
Triglav shares rose by 0.75 percent to 24.90 euros by 0920 GMT, against a flat SBI blue-chip index. (Reporting By Marja Novak; Editing by David Goodman)