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22.08.2006 – 08:13

Wiener Städtische Allgemeine Versichererungs AG

euro adhoc: WIENER STÄDTISCHE Versicherung AG Vienna Insurance Group
Mergers - Acquisitions - Takeovers
Vienna Insurance Group increases interest in TBIH to the amount of 60 percent following restructuring
Focusing on the core business segments of

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
22.08.2006
Please note: this is a translation; only the German version of this
news release is legally binding.
The Vienna Insurance Group is transforming its current 40 percent
stake in Kardan Financial Services B.V. (KFS) into a direct
participation in TBIH Financial Services Group N.V. (TBIH) and from
now on holds a share of 60 percent in that company. At the time of
transaction the enterprise value of TBIH amounts to about EUR 270
million. The remaining shares in TBIH are held by the former majority
owner KFS. This agreement was reached with the Dutch Kardan Group.
In the course of the transaction it was furthermore agreed that Dutch
TBIH will in the future be putting its focus exclusively on the
insurance and pension fund business based on numerous investments in
companies in the booming region of Central- und Eastern Europe. In
exchange, the participations in the business segments of leasing,
asset management and banking services will be carved out from TBIH
and allocated to KFS.
This will enable the Vienna Insurance Group to focus entirely on its
core business segment. The 60 percent share in TBIH will enable the
Vienna Insurance Group even more to make use of the attractive growth
potential for business in Central- and Eastern Europe.
"Expanding our stake in TBIH and at the same time focusing on our
core business will allow us to contribute to a strong business
development of TBIH's Central and Eastern European companies in the
field of insurance in an even better way," says Günter Geyer, CEO of
Wiener Städtische regarding the restructuring measures.
TBIH is a financial services group specializing in Central and
Eastern Europe. Via TBIH, the Vienna Insurance Group holds stakes
mainly in the following insurance companies: the Bulstrad-Group in
Bulgaria, Helios Insurance in Croatia, GPIH in Georgia and Omniasig
Life in Romania. The latter belongs to Omniasig-Group in which Vienna
Insurance Group holds a direct interest. Taking into account the
participations in insurance companies held via TBIH, the Vienna
Insurance Group is situated in the top segment of the respective
market in all of these countries.
The participation in TBIH will, in addition, provide the Vienna
Insurance Group with substantial access to the developing pension
markets in Bulgaria, Croatia, the Ukraine and Georgia.
In close cooperation with the Kardan-Group the Vienna Insurance Group
will continue to jointly lead TBIH. The transaction was effected
subject to the approval of the authorities. Vienna Insurance Group's
net investment for achieving the new ownership structure amounts to
about EUR 34 million.
The Vienna insurance group had acquired a stake in TBIH in April 2006
via KFS.
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
ISIN: AT0000908504
end of announcement                               euro adhoc 22.08.2006 07:36:50

Further inquiry note:

Mag. Barbara Hagen-Grötschnig
WIENER STÄDTISCHE Versicherung AG
Vienna Insurance Group
A-1010 Wien, Schottenring 30
Tel.: +43 (0)50 350-21027
Fax: +43 (0)50 350 99-21027
E-Mail: b.hagen@staedtische.co.at

Branche: Insurance
ISIN: AT0000908504
WKN: A0ET17
Index: ATX Prime, ATX, WBI
Börsen: Wiener Börse AG / official market

Original content of: Wiener Städtische Allgemeine Versichererungs AG, transmitted by news aktuell

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