Press Release: Mergers: Commission clears proposed acquisition of insurance subsidiaries of Austria’s Erste Bank by Vienna Insurance Group, subject to conditions

The European Commission cleared under the EU Merger Regulation the proposed acquisition of the insurance subsidiaries of Austria's Erste Bank by Vienna Insurance Group (VIG), subject to commitments to divest Bank Austria Creditanstalt Versicherung AG (BACAV) in Austria and Unita in Romania. These divestments address concerns in relation to life insurance products for pension and investment purposes in Austria and non-life insurance in Romania, particularly motor vehicle insurances (third party liability and collision damage insurance). In view of the remedies offered by the parties, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.