Eureko heeft de deelnemingen in de Turkse verzekeraars Garanti Sigorta en Garanti Emeklilik afgerond, nadat goedkeuring is verkregen van de Turkse toezichthouders. Beide verzekeraars zijn onderdeel van de Garanti Bank. De voorgenomen acquisitie werd op 21 maart 2007 aangekondigd.

Eureko neemt een belang van 80% in de schadeverzekeraar Garanti Sigorta en een belang van 15% in de levensverzekeraar Garanti Emeklilik (met een optie op nog eens 35%). Hiermee is een bedrag van € 465 miljoen gemoeid. De uitbreiding in Turkije past perfect in de strategie van Eureko om te groeien in het buitenland. In Nederland is Eureko eigenaar van 's lands grootste verzekeringsgroep Achmea.

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Eureko and Garanti Bank Announce Final Closing of Partnership Transaction in Turkey
Developing our Strategic European Focus


Eureko B.V. and T.Garanti Bankasi A.S. ("Garanti") of Turkey have today announced that they have concluded the final steps in the agreement (announced 21 March 2007), whereby Eureko has acquired 80% of Garanti's Non-Life insurance business - Garanti Sigorta A.S. ("GS"), as well as a 15% stake in Garanti Emeklilik ve Hayat A.S. ("GE"), Garanti's Life and Pensions business. In addition, the transaction includes an agreement for a long-term, exclusive agency agreement with Garanti covering both GS' and GE's current and new business.

The transaction also provides Eureko with an option to acquire a further 35% of GE.

The deal aims to develop an innovative partnership between Garanti and Eureko that will further strengthen Garanti's leadership position in bancassurance. The parties aspire to increase the number of Garanti bank clients, as well as increasing insurance penetration - providing a full range of products to banking clients.

Since the announcement of the agreement, both sides have worked quickly to achieve completion of the transaction, including obtaining the necessary regulatory approvals.
The process has not only been swift, but remarkably smooth, illustrating the common goal of all parties to finalise this deal within a short time-frame, and to move forward with execution of the agreements, and a new business era for the transaction partners.

During the closing process, the CEOs of the Turkish insurance companies visited Eureko's home base in The Netherlands, to gain insight into the Dutch multi-distribution operations.

The insurance operation will continue to be run by its current management, which will be strengthened by Eureko to enhance the existing bancassurance expertise and support the expansion of the business. Accordingly, some new members have been appointed to the Board of the Non-Life company, as well as a Eureko representative to the Board of Garanti Emeklilik. The CEO of the Non-Life business remains Okan Utkueri, and the new Eureko appointees to the Board of Garanti Sigorta will be:
Gerard van Olphen (Board member, Eureko); Joop Kanen (from Eureko's bancassurance Division, Interpolis); George Kotsalos (CEO Interamerican, Greece); Danny van der Eijk (from the Direct Distribution Division in The Netherlands), Coen van der Lubbe is appointed as CFO.
Ergun Özen will remain Chairman of the Board of Directors of Garanti Sigorta.

Commenting on the deal, Eureko's CEO, Maarten Dijkshoorn, said:

"I am delighted at the efficiency with which this transaction has been completed. It augurs well for the continuing smooth operation of our partnership. Garanti Bank provides unparalleled local bancassurance expertise, while Garanti Sigorta, and Garanti Emeklilik are modern, successful and dynamic companies with a great deal to contribute to the Eureko group. In turn, our other Operating Companies will work closely with them so that all can benefit from the shared knowledge and expertise which is the cornerstone of our operations.
"Eureko has set its strategy to focus on development in Central and Eastern Europe; this transaction gives us a very solid base for close co-operation between the companies in those territories, as well as for future expansion."

Ergun Özen, President & CEO of Garanti Bank, stated:

"This partnership will enable us to grow the insurance market in Turkey, by offering a wide array of insurance products to Turkish customers. Additionally, we will have the opportunity to develop more competitive products in bancassurance, together with a leading and customer-oriented partner."

On behalf of Garanti, the closure agreement was signed by President and CEO, Ergun Özen, and, on behalf of Eureko, by Member of the Board (with special responsibility for international development), Gerard van Olphen.

Ends
Zeist and Istanbul
21 June 2007