BRUSSELS (AFX) - Belgo-Dutch bancassurance group Fortis NV said its international insurance unit has signed a preliminary agreement to acquire Etalon Life, Ukraine's seventh largest life insurance company, for approximately 7.6 mln eur.

Fortis added it expects the acquisition to be finalised in the fourth quarter of this year, subject to closing conditions and regulatory approval. It will have no impact on Fortis's net profit per share.

The deal marks Fortis' entrance into the Ukranian insurance market.

Based in Kiev, Etalon Life operates a network of 26 branches and 100 agents across the country and has concluded distribution agreements with several major local banks, Fortis said.

The company ranks seventh in Ukraine in terms of gross written premiums and has a 'strong position' in term life insurance.

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