PZU eyes Raiffeisen stake
PR dla Zagranicy
Roberto Galea
02.06.2015 12:57
The largest insurer in the CEE region, PZU, has officially submitted an offer for Raiffeisen Polbank, Poland’s seventh largest lender.
PZU has submitted an offer for Raiffeisen Polbank. Photo: PZU, Raiffeisen Polbank
The move comes after PZU acquired a 25-percent stake in Alior Bank for PLN 1.6 billion -- around twice the book value.
"They've submitted an offer [for Raiffeisen Polbank], talks are ongoing, there is no crowd [of investors interested],” one source close to the matter told the Reuters news agency.
Another person with knowledge of the deal added that PZU was in fact the only interested party in the Raiffeisen deal.
Raiffeisen Polbank is the Polish arm of the Austrian Raiffeisen Bank International.
“The Austrians are ready to accept the price of just one times a book value,” one source told reuters. Raiffeisen Polbank's book value amounts to PLN 6 billion.
PZU is allegedly also interested in purchasing a stake in Bank BPH, the Polish arm of GE Money Capital
Bank BPH, which may be sold off by parent company GE Money Capital, the Puls Biznesu daily reported back in April. The bank has PLN 31.6 billion in assets. (rg)
Source: Reuters