International groups vie for acquisition of Polish insurer
Sunday, 16 October 2011
WARSAW, Oct 15 (AFP): Major international groups are vying for the acquisition of Polish insurance company Warta from Belgium's KBC for a sum estimated at between 233 and 350 million euros, a report said Saturday.
The Polish financial daily Parkiet, quoting a source in Brussels, said they included Zurich of Switzerland, Japan's Sompo, Vienna Insurance, Germans Allianz and Talanx, Italian Generali and France's Axa.
It said Warta, Poland's third-largest insurance company, could change hands early next year.
KBC is being forced to divest assets under the oversight of the European Commission after the banking and insurance company had to be bailed out by the Belgian government during the global financial crisis of 2008.
In July it received EU approval to sell off its Polish units Warta and Kredyt Bank.