“We have a long-term plan because MetLife sees Romania as a market that has potential. There can be further acquisitions if opportunities arise,” said Theodor Alexandrescu, general manager of Alico, a company held by MetLife.
Alico bought Aviva using its own money and will integrate it after getting all the necessary approvals. It might take 12 to 18 months to complete the deal, because it requires approval from three regulatory authorities, the Insurance Supervisory Commission, the Private Pension Commission and the Competition Council.
MetLife bought not only the insurance business of Aviva, whose yearly revenue stands at EUR20 million, but also the private pension manger, which has EUR100 million in assets and more than 400,000 clients.
The integration of the insurance and private pension companies will be done in two different stages depending on approvals, and the details of such operations have not been decided yet.
(English version by Loredana Fratila-Cristescu)