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IFC Buys Stake in Triglav Subsidiary

Ljubljana, 02 April (STA) - The International Finance Corporation (IFC), a part of the World Bank, has bought 16.68% of Triglav INT, a subsidiary of insurer Zavarovalnica Triglav, for EUR 25m according to an agreement signed in Ljubljana on Friday.

Zavarovalnica Triglav, IFC and Triglav INT have also signed a shareholder agreement and a sell option determining the conditions under which the IFC can sell its stake, Zavarovalnica Triglav said in a press release on Monday.

Triglav Group founded the wholly-owned subsidiary Triglav INT in late 2010 and put it in charge of its operations and markets outside Slovenia (Bosnia-Herzegovina, the Czech Republic, Montenegro, Croatia, Macedonia and Serbia).

The investment is aimed at accelerating the growth of market shares, introducing improvements in operations and new insurance products, according to a Finance Ministry's proposal for the government's approval of the IFC's financing.

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