Aviva Romania has reached an agreement with the majority shareholders of asset management company (SAI) Certinvest, to acquire a 99.8% stake in the company. The transfer of shares will be completed once the approvals from the regulatory institutions have been received.
The majority shareholders of Certinvest are Romanian-American Enterprise Fund (RAEF) and Eugen Voicu.
The value of the deal was not made public.
Certinvest is the oldest asset management company in Romania. It was established in 1994 and launched its first mutual fund, Capital Plus, in the same year.
Aviva is the world's oldest life insurance and pension group and has been in this business since 1696. Romanian-American Enterprise Fund (RAEF) was established in 1995 by the United States Congress and is an institution that operates in the field of private equity funds and financial advice services for investments in Romania.
"As a result of this acquisition, Aviva will receive 99.8% in Certinvest and will integrate the company into its Romanian operations, along with the already existing life insurance and pension companies," reads an Aviva Romania release.
The general manager of Aviva Romania, Shah Rouf, said that buying Certinvest and having recently established its private pension company will enable Aviva Romania to become a diversified financial service provider.
"Certinvest will be an essential component of our strategy, offering our pension, investment and life insurance clients asset management services. At the same time, Certinvest will continue to develop and become part of the global investment network of Aviva," Rouf said.
Certinvest's general manager Eugen Voicu said that the sum involved in the share transfer was confidential. According to the agreement, Eugen Voicu will retain his position as Certinvest general manager, and report to Shah Rou