POLAND: Insurer PZU on lookout for banks?

Polish insurance giant PZU is mulling the creation of one of Poland's largest banks which may have assets of over PLN 115 billion.

According to the Puls Biznesu daily, the bank could be created through the consolidation of two existing lenders on the Polish market - Alior Bank and Raiffeisen Polbank. It is thought that Bank BPH may also be in PZU's scope of interest.

The newspaper writes that state-controlled PZU is after a 25 percent stake in Alior Bank which has been put up for sale by Carlo Tassara, a holding company controlled by Romain Zaleski, a Polish-French financier.

If PZU manages to take hold of the 25-percent stake, it would add to the already controlled 4.5 percent in the bank's investment and pension fund. The daily additionally reports that PZU is also on "good terms" with Alior management, which controls a further 10 percent.

"PZU is undertaking due diligence on Alior," an anonymous source told the daily. Read the full story
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