Warsaw (Puls Biznesu) – The Ministry of the Treasure will demand compensation from ABN Amro which advised at the privatization of PZU insurer.
The Dutch ABN Amro Bank (Polska) became the advisor to the Polish Ministry of the Treasure in 1998. A year later, the ministry sold 30 percent in PZU to the consortium of Dutch Eureko and BIG Bank Gdanski for PLN 3 billion (EUR 786m). The advisor got PLN 5.3m plus success fee worth PLN 12m. Now, the ministry wants the bank to pay back the money.
“ABN Amro advised to choose Eureko, i.e. a holding which in 1999 had a very minor position on the insurance market. Negotiations were run with Eureko only and the price was higher than it would be, had the negotiations been conducted with many companies”, Pawel Kozyra, the ministry’s spokesman said.
Joanna Kobylinska from ABN Amro assures that the bank did its best.
(PLN 1 = EUR 0.262)