Citigroup eyes up insurance market
Citigroup has announced its intention to increase its presence in the insurance market in this country. However Cezary Stypułkowski, MD of Bank Handlowy says that it is too earlier to speak of planned investments nor if the company intends to take over existing businesses or to create a new one. Tomasz Stadnik, investment advisor at Credit Suisse Asset Management says that it would be difficult to find companies to acquire in the sector as very little is now left. Furthermore there would be little sense in acquiring a company that has problems. Bank Handlowy, which officially merged with Citibank at the beginning of this month, hopes to strengthen its retail position and aims at finding a million new clients. It believes that this could be possible next year. The new bank has around 400 corporate clients as well as 17,000 private individuals. Stypułkowski says that Bank Handlowy is a strong corporate bank and now following its merger with Citibank aims to be the leader of this market.