Garanta-NBG Insurance in final stages of merger

Garanta Asigurari (Garanta Insurance), a member of the Greek group National Bank of Greece, could finalise its merger with NBF Insurance, this week, a company acquired at the end of 2005. The merger between the two companies started at the beginning of September last year. "We are hoping that by the end of this week, we will get the final approval, from the Trade Registry, to register the company," said Daniela Grigore, deputy general manager of Garanta. The new company formed from the merger will be called Garanta Asigurari, will have a share capital of around 9.2 million euros (30 million RON) and will sell both general and life insurance. "No personnel cuts will be made after the merger is finalised and we intend to retain the staff. All employees in the two companies will remain in the new structure," says Grigore.