PZU to Take Over BPH This Year
- New Europe Investor
- September 29, 2015
Poland’s largest insurer and one of the largest companies in Central and Eastern Europe, PZU, has stated it could take over the bank, BPH by the end of 2015.
CEO of PZU, Anrzej Klesyk, stated that the ball is in the court of the owners and a decision has yet to be made on when or whether they will sell. He added that he hoped that the falling value of banks in Poland would help in PZU negotiations.
PZU already own Alior Bank in Poland and are looking to expand their business to create a significantly larger sized bank in the country.
It is understood that PZU were also looking to purchase other banks such as state controlled BOS.
BPH is the banking arm of US’s General Electric in Poland. Founded in 1989, it went public in 1995. General Electric bought a majority stake in the bank in June 2008.