“Now, as we speak, we sent the authorities the necessary documents to ensure conformity with the capital requirements and the necessary documents to secure approval for the change in control,” I3CP said.
The investor will provide the necessary capital to City Insurance to keep it from going bankrupt, having worked on a solution together with its lawyers, advisers and international partners over the last few months to keep the insurer in business on the Romanian market, the investor added.
(English version by Loredana Fratila-Cristescu)