The three banks (BCR, BRD and Banca Transilvania) that have decided to sell their stakes in the insurance company Asiban, could secure at least 25 million euros each, with the market value of the company being estimated at over 100 million euros. The above-mentioned banks each hold 25% in the insurance company, with the fourth shareholder being CEC (The Romanian Savings Bank). "Consulting firms usually appraise insurance companies at 70-80% of their turnover. Asiban's value exceeds 100 million euros, especially given our significant amounts of cash and reserves," stated Dumitru Ceraceanu, general manager of Asiban. Last year, the company ranked fourth on the market of insurance companies, with a business amounting to around 128 million euros, and this year intends to reach gross underwritten premiums worth over 160 million euros. The company reported a gross profit of approximately 1.4 million euros in 2006. At the end of last year, Asiban's total assets were worth 181 million euros, up 47% in euros against 2005.
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