Nordea Life Holding merges Polish companies

APA - Austria Presse Agentur
03-07-2006, 09:53

Warsaw (Puls Biznesu) – Nordea Life Holding wants to merge its Polish operations: Nordea Zycia and NL. The merger will last several months.

Warsaw (Puls Biznesu) – Nordea Life Holding wants to merge its Polish operations: Nordea Zycia and NL. The merger will last several months.

 

The merges is the effect of last year’s transaction between Finnish Sampo and Swedish Nordea Life Holding. The Swedes bought in November 2005 PTE Sampo pension fund and Sampo life insurance company for EUR 95m. PTE Sampo changed name into PTE Nordea. Sampo life insureance, today NL TUnZ, is going to be merged with Nordea Polska TUnZ life insurance.

“We have considered to transfer NL portfolio to Nordea Zycie but we finally decided to merge both companies which seems to be the most client-friendly variant and at the same time the most transparent to insurance authorities”, Pawel Miller, Nordea Polska TUnZ and NL TUnZ CEO said.

 

There have not been many mergers on the Polish insurance market so far. Usually, the details have not been made public. Scandinavian companies give all details. The merger will be financed by raising equity in Nordea Polska TUnZ by PLN 14.5m (EUR 3.6m). Then the shares will be exchanged for NL stock at a rate of 1:0.2.

“The rate is based on NL book value but the whole operation will just aim to joint the two companies’ balances”, Pawel Miller said.

He added that documents have already been submitted to the insurance authorites.

“We are waiting for their approval. If we get it, we will conduct the merger immediately”, Pawel Miller explained.

According to the CEO, Nordea Zycie will have PLN 500m of sales at the end of the year but still will not break even due to the costs of the IT system. The CEO expects net income next year.

(PLN 1 = EUR 0.247)

 

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Podpis: APA - Austria Presse Agentur

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