Bulgaria's EIG Finds Greek C-Bank's Ban on Purchase of Credit Agricole Life's Ops Unfair
Bulgaria's Euroins Insurance Group (EIG) said on Thursday it finds the Greek central bank's ban on the group's proposed acquisition of Athens-based Credit Agricole Life unjustified, and committed to expanding its activities in Greece through its local branch."... EIG considers that the arguments of the Greek central bank are not described in a professional manner. Furthermore, the group believes that the Greek regulator has not applied the criteria for its evaluation of EIG with the necessary depth, objectiveness and integrity as the article 59 of the Solvency II directive stipulates," EIG said in a statement.EIG also described the arguments used by Bank of Greece as "discriminatory and tendentious"."Considering the above, EIG will carefully analyze the decision of the Greek regulator and decide further on the next appropriate steps," EIG said. On January 21, the Greek central bank's Credit and Insurance Committee said that it has banned the proposed acquisition of a 100% stake in Credit Agricole Life by EIG.