This is a small insurance firm, which in 2011 had an average 17 employees and recorded a net loss of 292,522 lei, according to Finance Ministry data.
ATE Insurance was set up in 2003 and was initially authorized to sell both general insurance and life insurance, but in 2010 dropped the life insurance segment. At the end of 2011 gross written premiums amounted to RON2.13 million and the premium reserve stood at RON733,399.
The Greek bank does not specify its intentions as to ATE Bank Romania. But market information has suggested the takeover of ATE Bank’s license and of an asset portfolio by a group of Romanian investors led by Marinel Burduja, former first vice-president of Raiffeisen Bank.
For now Piraeus has put its own Athanasios Psathas in charge as general manager of ATE Bank Romania. He is the group’s former audit manager.
(English version by Daniela Stoican)