VIG: Sale of Bulgarian Affiliate Failed

Other Countries ♦ Published: December 16, 2013; 06:10 ♦ (Vindobona)

Vienna Insurance Group has to find a new buyer for the Bulgarian pension fund Doverie. United Capital, the potential buyer of Doverie has lost its bank license.

VIG: Sale of Bulgarian Affiliate Failed / Picture: ©

In July 2013, Austrian Vienna Insurance Group (VIG) sold the biggest privately held Bulgarian pension fund Doverie to United Capital. The owners of United Capital are unknown. This is substantially higher than the fair value, experts say. The fair value is estimated to range between € 80m and € 100m. According to insiders, United Capital has paid about € 160m to VIG.