IFC recapitalizes Triglav INT with EUR 25 million

(Matjaz Rakovec and Tomasz Telma)

According to an agreement signed in Ljubljana on Friday, the International Finance Corporation (IFC), a part of the World Bank, has bought 16.68% of Triglav INT, a subsidiary of insurer Zavarovalnica Triglav, for EUR 25 million.

Zavarovalnica Triglav, the IFC and Triglav INT have also signed a shareholder agreement and a sell option determining the conditions under which the IFC can sell its stake, Zavarovalnica Triglav said in a press release on Monday.

The agreement was signed by Matjaz Rakovec, chairman of the Managing Board of Zavarovalnica Triglav, and Tomasz Telma, director of IFC Europe and Central Asia.

Triglav Group founded the wholly-owned subsidiary Triglav INT in late 2010 and put it in charge of its operations and markets outside Slovenia (Bosnia-Herzegovina, the Czech Republic, Montenegro, Croatia, Macedonia and Serbia).

The investment is aimed at accelerating the growth of market shares, introducing improvements in operations and new insurance products, according to a Finance Ministry's proposal for the government's approval of the IFC's financing.