Poland’s biggest insurer PZU is reportedly looking to take over Alior Bank and Raiffeisen Polbankiem. The deal would create the biggest lender on the Polish market, with more than PLN 115bn in assets. PZU was hoping to acquire BGŻ bank, but was eventually outbid by France’s BNP Paribas. PZU revised its plans at the start of the year, according to Polish news reports, and has already launched due diligence on its takeover bid for Alior Bank
The news hit just a few days before bidding for Alior was set to close. Carlo Tassara, which put its 25-percent stake on the market, is believed to be in a hurry to close the transaction as soon as possible in an effort to pay off its Italian creditors. The deal is scheduled to close in June 2016.
