Банкеръ Weekly

Briefs

DSK GUARANTEE LICENSED

As of June 16, 2004 there is a new player on the domestic life insurance market, at that with a great potential, according to the people operating in that sector. This is the DSK Guarantee life insurance company, which got a licence for selling the Life and Rent, Accident, and Additional insurances. Thus, the number of licensed life insurance companies on the Bulgarian market becomes twelve. According to information of the Financial Supervision Commission, Georgi Zhelev will chair the new company's Board of Directors (BoD). Till recently he was a BoD member of the insurance and reinsurance company Bulstrad DSK - Life AD as a representative of DSK Bank. Todor Kazandjiev will be Executive Director of the new life insurance company. So far he has been a financial and administrative director in AIG Life (Bulgaria) AD.Last week the managers of the new insurance company were on a visit to their colleagues from Hungary's OTP Guarantee, and next week the Hungarian insurers will be guest in Bulgaria According to pundits, the team of DSK Guarantee has already been formed, but there are still vacant positions for proven experts only. DSK Guarantee is a subsidiary to DSK Bank. On April 27, 2004 its shareholders applied to the Financial Supervision Commission for a licence to carry out life insurance activities. Hungary's OTP Guarantee is a major shareholder in the new company, with a 74% stake in the capital. In April 2004 BNB's Bank Supervision department granted a permission to DSK Bank to directly hold the remaining 26 per cent.Some time ago DSK Bank and the insurance and reinsurance company Bulstrad had a joint life insurance company - Bulstrad-DSK LIfe - which was operating on the life insurance market for several years. The bank held 36.36% of its shares. In the beginning of May 2004 it sold out its package of shares in Bulstrad-DSK lIfe and consequently the letter DSK dropped off from the insurer's name.In October 2003 when OTP (the new owner of the one-time savings bank) held the first meeting of DSK Bank shareholders, it became clear that its strategy for development projects the establishment of several subsidiaries, on of them - an insurance company. According to branch insiders, the Hungarians will probably set up a general insurance company as well next year.

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