Four global giants competing for Turkish insurance firm Garanti Sigorta - by ALP SÜER
Global insurance giants are competing for Garanti Bank insurance subsidiary Garanti Sigorta, among them ING, Groupama, Aviva and AIG. Sales of shares in Garanti Sigorta are expected to take place in the first half of 2007. In addition, the Lebanese Hariri Family, who bought MNG Bank after purchasing Türk Telekom, is reported to be interested in Garanti Sigorta.
Garanti Bank, which owns 100 percent of the shares of Garanti Sigorta, declared at the beginning of October that they have authorized consulting firm Watson Wyatt Ltd. to search for a possible partner in the insurance sector for Garanti Sigorta as well as explore opportunities for cooperation, sales and other strategic opportunities.
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