International Bank for Economic Co-operation has signed a loan agreement with the largest Bulgarian private holding company Eurohold, whose interests are focused on insurance, leasing, and financial services. A credit line with a total limit of EUR 20 million is provided for up to 2 years for the development of insurance business in the member countries of the Bank. The first tranche of EUR 11.5 million has already been disbursed. It aims at expanding Eurohold's existing insurance business in Poland, Bulgaria and Romania. The development program of the insurance group involves opening of new offices and points of sale, and expansion of the agent network.
The next tranches of the IBEC loan will provide support to Euroins Insurance Group in terms of acquiring new insurance assets, the purchase of which is in line with Eurohold's strategy aimed at expansion into the markets of Eastern Europe. In recent years, Eurohold's insurance business has been actively growing through acquisitions, and not only on the Bulgarian market. Now the group is also represented in Romania, Russia, Macedonia, Ukraine and Georgia. The group also has business interests in the markets of Greece, Italy and Spain.
By providing financing to Eurohold, the Bank supports the insurance market of the participating countries against the backdrop of the crisis conditions caused by the COVID-19 pandemic, and promotes the development of the best insurance business practices in the territory of IBEC's presence.