News:Argos:Vienna Insurance Group - acquisitions

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Vienna Insurance Group has entered into an agreement with Erste Bank to acquire all of Erste Bank's insurance activities including its operations in Austria, Czech Republic, Slovakia, Hungary, Croatia and Romania for a cash consideration of approximately EUR 1.4bn.

As part of the transaction, a long-term distribution agreement has been entered into, giving Vienna Insurance Group access to Erste Bank's extensive distribution network with more than 16m clients and more than 2,900 branches.

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