Polish Insurer to Set Up Vehicle for Takeovers

PZU, a Polish insurer, is in talks with private equity firms to set up PZU International, a 13 billion zloty ($4.1 billion) investment vehicle for foreign acquisitions, chief executive Andrzej Klesyk was quoted as saying by the Rzeczpospolita daily, writes Reuters. PZU’s commitment, estimated at 6-7 billion zlotys, is to represent 40-45 percent of the project’s equity, writes Reuters.

Reuters – PZU, Poland’s top insurer, is in talks with private equity firms to set up a 13 billion zloty ($4.1 billion) investment vehicle for foreign acquisitions, chief executive Andrzej Klesyk was quoted as saying by the Rzeczpospolita daily.

PZU wants to establish PZU International with one or two private equity firms this year. The group’s input, estimated at 6-7 billion zlotys, is to represent 40-45 percent of the project’s equity.

“We will look into insurers, but only in Europe, and not in Brazil for example, to what some people are strongly encouraging me to. We do not want to buy a bank either,” Klesyk told Rzeczpospolita.

PZU also wants to invite another partner to the vehicle, either the European Bank for Reconstruction and Development or the World Bank’s International Financial Corporation, Klesyk also said. ($1 = 3.1464 Polish zlotys) (Reporting by Maciej Onoszko; Editing by Dan Lalor)

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