Business News

KD Group to Transform into Insurance Group

Ljubljana, 02 October (STA) - Financial holding KD Group announced on Tuesday that it would transform into an insurance holding within three years in line with a new strategy. The new holding, centred around insurer Adriatic Slovenica (AS), will aim to become the strongest insurance group in Slovenia and the Balkans, KD Group CEO Aljoša Tomaž said.

The reorganisation, which comes in the wake of the financial and economic crisis, is also aimed to bring down the number of affiliates and employees.

"We have a new strategy and we believe we know how to emerge from these troubled times even stronger," said KD Group chairman Matjaž Gantar.

Tomaž said that the group, which now consists of 39 companies, would be renamed KD AS and would have just three subsidiaries: KD AS Tujina, KD Skladi and KD AS non-financial and financial institutions.

The group has already sold KD Bank and is selling its share in the DBS bank, said deputy CEO Gabrijel Škof.

The company did not wish to elaborate on the exact scope of the planned savings, but said it would be significant, amounting to "several million" euros

KD Group will also reduce its workforce, but the exact number is not known yet.

The company will try to employ "soft" methods, noted Škof. Gantar stressed the group was not trying to pull off "manoeuvres" while its creditors would not be worse off.

The planned changes have already been presented to the Agency for Insurance Supervision (AZN).

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