Poland’s largest insurer PZU has revealed its expansion plan to establish a new arm of the company focused on foreign acquisitions. The new company would need around PLN 13bn, say PZU officials, half of which PZU can provide. Negotiations with what appears to amount to a co-investor in the venture are currently underway, Andrzej Klesyk, CEO of PZU revealed. Analysts say the idea is not without merit, but will present challenges. “With such money the company could acquire some serious players not only in the region, but even in Western Europe. The only problem is that there are still very few interesting businesses for sale,” Tomasz Bursa from Ipopema Securities told the Parkiet.pl business website. PZU is also expected to go public on Warsaw Stock Exchange.
