OTP Bank raises ‘for sale’ sign on insurance unit OTP Garancia

Four insurers are thought to be interested in buying the Hungarian insurer, including Aegon, AIG, Groupama and Zurich

Hungary’s most dynamic financial conglomerate, OTP Bank put its wholly owned insurance company, OTP Garancia Zrt. on the market in late 2007 and received at least five offers from large international insurers. Early reports suggested that AXA was close to purchasing Hungary’s fourth largest insurers - which writes both life and non-life business - as well as buy into the parent OTP Bank.