New Financial Services Grp
Banco Comercial Portugues S.A.
3 July 2000
Achmea of The Netherlands ('Achmea') and Banco Comercial Portugues, S.A. of
Portugal ('BCP') have agreed to merge their insurance businesses with Eureko,
creating a new financial services group which aims to become a leading pan-
European insurance company and to obtain a public listing within two years.
Eureko is based in Amsterdam and will commence trading with shareholders
funds of EUR 4,105.4 Million (book value). On a pro-forma basis (1), total
assets and premium income for 1999 reached EUR 46.8 billion and EUR 7 billion
(9.2 with PZU), respectively, placing Eureko among the top fifteen European
insurance groups. The new group will offer a full range of insurance - life
and non-life - and pension products and holds a leading market position in The
Netherlands, Portugal, Ireland and Poland. Its share capital will be held
initially by Achmea Coop (72.2%), BCP (15.1%) and by the remaining Partners of
the Eureko Alliance (2) (12.7%). This re-structuring will facilitate further
business growth and consolidation in selected European markets and allow
direct access to capital markets.
'The integration of the dynamic and mature insurance groups of Achmea and BCP
into Eureko will mark the first step towards the launching of a financial
services group with aspirations of becoming a leading pan-European insurer. We
are present in markets that offer opportunities for growth and we will expand,
leveraging on the strength of the Partners and the support of the Eureko
Alliance' said Mr. Joao Talone, CEO of Eureko, adding, 'We have the ambition
to achieve high performance standards based on strong local brands and market
knowledge, becoming the first real European economic platform which others may
join if they share the same values of non-dominance and commitment to perform
jointly. That will give us a unique investment proposition to offer the
capital markets'.
Nol Hoevenaars, CEO of Achmea, added 'In the current European marketplace,
financial service providers must necessarily be available to their customers
across the borders of the country in which they are established. Achmea has
always believed in an international approach to be in the best interests of
its customers.
The creation of the Eureko Alliance was the first step towards implementation
of this belief and we are now about to enter a new phase. Eureko, as a pan-
European insurer, is set to be a major player in the highly competitive
European market. Eureko will allow us, through acquisitions and partnerships,
to strengthen dynamically our position in the European market. For both
Achmea, BCP and Eureko, it is a challenge to create a successful pan-European
insurance company.'
'The insurance businesses of BCP - Seguros e Pensoes - which have been
developed through partnership with Eureko, have realised significant growth
and success, becoming the largest insurance group in Portugal, in all lines,
and one of the largest in Southern Europe. It is time for us to take another
step, albeit a more challenging one, and participate in a venture that,
building upon each Partner s strengths and skills, sets the foundation for a
pan-European aspiration', commented Mr. Jardim Goncalves, Chairman and Chief
Executive of BCP. He concluded, 'We believe that Eureko has such potential and
we remain totally committed to its success and growth'.
Dr. Wolfgang Peiner, Chief Executive of Parion, and the nominated Chairman of
the European Alliance Partner Company ('EAP CO'), said, 'The formation of
Eureko N.V. means substantial progress not only for Achmea and Seguros &
Pensoes in combining their businesses in Eureko, but also for the Eureko
Alliance. EAP Co and its Partners wholly approve of this development. The
Alliance will reap considerable benefit from its new Partner's ambitions and
possibilities, particularly from its plans to go to an IPO. At the same time,
the Alliance Company will continue its valuable operations of furthering
co-operation between the Partners, in terms of synergies, knowledge exchange
and management development to further improve its Partners' achievements
within the European market and its success as a group'
The European Alliance Partners Company (EAP Co) will be a legally and
economically autonomous entity owned equally by the Alliance participants (The
Partners), of which Eureko N.V. will be one.
Chase Manhattan plc acted as financial advisor to Eureko B.V. on this
transaction.
The Eureko Alliance is comprised of.
Achmea and BCP(integrated into the new venture, Eureko N.V.), EAP Co, Swiss
Mobiliar, Parion, Friends Provident, LF Group, Topdanmark and MAAF Assurances
For further information, contact
ACHMEA Rene Visser
Tel: +31 30 693 7065 Mobile: +31 651 44 57 79
BCP Antonio Cunha Vaz
Tel +351 21 321 17 41 Mobile: + 351 96 640 51 03
Rui Lopes, Investor Relations
Tel: +351 21 321 1081
EUREKO Lorrie Morgan
Tel: +31 20 660 7654 Mobile: + 31 654 93 72 72
.
Amsterdam, 3 July, 20000
Note to broadcasters
This release is the subject of a live press conference. It may be accessed
free to air on ECS-W2 (16 Degrees East), Transponder B5, channel 3
_______________________________
1 Includes Eureko BV, Achmea, Seguros e Pensoes, Friends First and Union
2 The Eureko Alliance will be comprised of Eureko N.V., EAP Co. , Friends
Provident, MAAF, Swiss Mobiliar, Topdanmark, LF Group, Parion
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