Foreign investor still interested in rescuing troubled Romanian insurer City

I3CP, the Dutch-registered foreign investor engaged in the process of taking over troubled Romanian insurer City, told Ziarul Financiar that it is still interested and in the process of completing the deal - despite the financial market regulator's announcement about its failure to show up with the EUR 150 mln capital increase in due time by the end of September 6.

Matt Fairfield, the representative of the I3CP, claims that they want to continue the talks for the acquisition of the City Insurance company.

"As we speak, we have provided the authorities with the necessary documents to ensure compliance with the capital requirements, as well as the documents needed to obtain approval for the change of control. So, I would say that we have finished our work, and now we are working with the FGA and FSA representatives to complete the change of control," he said. Nothing about the money transfer.

"In recent months, we have worked intensively with our lawyers, advisors and international partners to implement a strong capital solution, and we continue to work to ensure the necessary liquidity for City Insurance to continue its presence on the Romanian market," Fairfield said when asked about the money.

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