General Sigorta purchased at 80% by Mapfre

The Spanish insurer, Mapfre, is about to finalise the takeover of 80% of General Sigorta, the second life insurer and sixth in motor insurance on the Turkish market. The transaction amounts to 285 million EUR (376 million USD).

General Sigorta which holds 3.2% of the market shares belongs to the Turkish group Cukurova which will maintain its 20% shareholding.

The company which has reported 27 million EUR (35 million USD) profits in 2006 counts 310 employees and a network of 297 agents scattered around the Turkish territory.