LATVIA: RSA announced completion of AAS BALTA sale

10 July 2014 — Vlad BOLDIJAR
RSA Insurance Group plc (RSA) announced at the end of June the completion of the sale of its Latvian business, AAS BALTA, to the Polish insurance group PZU, after receiving the formal regulatory approval.

At the same time, the sales of LIETUVOS Draudimas AB (Lithuania), the business of the Estonian branch of CODAN Forsikring and Link4 (Poland) "are each expected to complete during the second half of 2014, subject to obtaining relevant regulatory approvals in the respective countries", RSA noted.

PZU Group is one of the largest financial institutions in Poland and in Central and Eastern Europe with a history dating back to 1803. In 2013 PZU had GWP of PLN 16.5 billion (~EUR 3.9 billion) and its current market capitalization is PLN 37 billion (EUR 9 billion). The Polish State Treasury controls 35% of the company with the remaining 65% floated on the Polish stock exchange.

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