Groupama Chief: Potential Buyers Finalizing Bids For GAN Unit

French insurer Groupama expects to receive shortly final bids for its unit GAN Eurocourtage, Groupama's chief executive Thierry Martel said Thursday.

"We should see things more clearly by the end of March," Martel said at a press conference.

Deputy Chief executive Christian Collin said the group had also initiated the sale of it private equity business. "The process has been launched and should be completed by the end of the year," he said.

In a bid to reduce the risks associated to the group's strategy, Groupama plans to reduce its shares portfolio, which includes small holdings in Societe Generale SA (GLE.FR) and Veolia Environnement SA (VE), by 35%-40% this year.

Groupama Thursday reported a EUR1.76 billion loss in 2011, hit by the market's downturn and write-downs on its Greek sovereign debt holdings, down from a net profit of EUR398 million.

-By Noemie Bisserbe, Dow Jones Newswires; +33 1 4017 1740; noemie.bisserbe@dowjones.com

(Inti Landauro contributed to this article.)

Societe Generale (EU:GLE)
Historical Stock Chart
From Jun 2024 to Jul 2024