The acquisition, worth more than EUR6 milion, is turning PFS into the largest shareholder of Transilvania Broker de Asigurari. The move is part of the expansion plan of Partner Financial Services, which has previously entered Slovakia and Poland, the company said in a press release.
With more than 19 million people and a fast-growing GDP, Romania is one of the big markets with business development potential in Europe, PFS officials said.
“The financial consulting segment as we know it in the Czech Republic has a great potential in Romania,” says Petr Borkovec, Partners Financial Services CEO.
People mainly buy their auto insurance via brokers, while other financial services are accessed directly through banks. PFS believes Romanians have the same financial needs as the Czech customers, he added.
Transilvania Broker de Asigurari has more than one million customers, national coverage and 1,700 distribution partners. Last year it posted revenue of more than EUR22 million and intermediated EUR190 million worth of premiums.
Partners Financial Services needs approval by Romania’s Financial Supervisory Authority as shareholder of Transilvania Broker de Asigurari.
PFS has been in business in the Czech Republic for 16 years and has been the best-known financial consulting company in that country since 2009. It has about 600,000 customers and 175 branches. It is part of the Partners financial group.
(English version by Loredana Fratila-Cristescu)