WARSAW: Poland’s top insurer PZU may take over Bank BPH, a unit of General Electric, by end-2015 and later consider the purchase of BOS Bank, PAP Polish news agency reported.
“Americans from General Electric, are pushing on the sale of much of its global assets by end-year as possible, which may mean that they will strive to sell BPH this year,” a source close to the company told PAP. “PZU will surely look at this transaction.”
“In the second stage, after closing the BPH takeover, “PZU may be interested in buying BOS,” the source added. Earlier on Wednesday PZU CEO Andrzej Klesyk declined to comment on market rumors that PZU would be interested in taking over BOS bank. PZU maintains its plans of banking consolidation in order to create an institution which would be among the five biggest banks by assets, Klesyk recently reiterated. PZU plans to buy two-four banks.
At end-May, PZU announced buying a 25.25% stake in Alior Bank for PLN 1.635 billion and added it was looking at another two banks. According to PZU officials’ declarations from early June, the group was on fast track with its second acquisition in the banking sector and could perhaps announce it already by the time of the publication of Q3 financial report.
