POLAND: PZU aims to become banking giant

State-controlled Polish insurer PZU has reiterated plans to spend up to PLN 9 billion on creating a Polish banking giant.

PZU has said it is in talks with two banks and could buy a third as part of a plan to create a major domestic bank able to compete with foreign-owned Polish banks.

PZU, the largest insurer in the CEE region, said it is buying a 25 percent stake in Polish medium-sized Alior Bank and could reportedly add Austrian-owned Raiffeisen Polbank, as well as BPH, the local unit of the US group GE, to its shopping list.

The latter two banks are also for sale. Read the full story
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