Versicherungskammer Bayern sold its equity interest in MKB Biztosító Zrt. to CIG Pannonia Group.
Deloitte acted as the financial advisor Deloitte Legal as the legal advisor to Versicherungskammer Bayern.
Closing of the transaction is in progress.
Our expert's thoughts:
"Versicherungskammer Bayern, the Bavarian insurer has decided to leave the Hungarian market via the sale of its affiliates established on the basis of the bancassurance cooperation with MKB Bank. The transaction, as the continuation of the ongoing consolidation of the insurance sector, has been considered as one of the significant milestones in the Hungarian insurance market. Beside the execution of the entire transaction Deloitte has performed vendor due diligence and actuarial services as well, furthermore it has acted as the legal advisor of the seller in the course of the transaction process."