PZU considers acquisition of a bank

APA - Austria Presse Agentur
27-12-2005, 14:25

Warsaw (Puls Biznesu) - At the recent meeting held with the management of PZU, Poland's largest insuring company, its CEO Cezary Stypulkowski presented a new strategy. It provides for merging the group with a bank.

Warsaw (Puls Biznesu) - At the recent meeting held with the management of PZU, Poland's largest insuring company, its CEO Cezary Stypulkowski presented a new strategy. It provides for merging the group with a bank.

Close cooperation with a bank would be useful, and there's no doubt about it. In the new strategy, apart from the idea of close operations with PKO BP or even a capital connection, there was a proposal of an acquisition of a bank or founding a completely new bank, a person close to PZU said.

There are arguments for such an idea.

The potential of financial services could be used better. PZU's nobility could help the bank acquire more conservative clients as far as financial services are concerned, Alfred Adamiec, investment advisor commented.

Some analysts point out disadvantages of such an idea, however.

To buy a bank, or found it, is a very outstanding idea but not a good one.

The management deals with insurance market, which is not exactly the same as the banking market. It would be quite risky a project, Grzegorz Szymanski, CA IB Investment Management investment director commented.

In 2003, PZZU group had over PLN 1.5 billion of net income, in 2004 - PLN

2.2 billion, while this year, it may have PLN 3 billion (EUR 782.6m) of income.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur

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