UPDATE 1-Insurer Groupama to buy Romanian company Asiban

(Adds detail on amount paid by Groupama in paragraph 2)

PARIS, April 9 (Reuters) - French mutually owned insurer Groupama said on Wednesday it had agreed to buy Romanian peer Asiban SA in a deal that would make Groupama Romania's third-biggest insurer.

French boutique investment bank Arjil said it advised Groupama on the acquisition, adding that Groupama had paid 350 million euros ($550.7 million) to buy Asiban. The takeover is subject to regulatory approval.

Asiban had 2007 sales of 185.8 million euros.

Groupama has recently been focusing on takeovers in fast-growing emerging markets, and the Asiban deal follows its acquisition of Hungarian insurer Garancia in February. ($1=.6355 Euro) (Reporting by Sudip Kar-Gupta)