WARSAW--Polish insurer Powszechny Zaklad Ubezpieczen S.A.
(PZU.WA) made a foray into the banking sector with the acquisition
of a 25% stake in a medium-size bank Alior Bank SA (ALR.WA) for 1.6
billion zlotys ($427 million), the company said over the
weekend.
The insurer will pay companies tied to Alior's majority owner
Carlo Tassara PLN89.25 per share, about 4% below Alior's Friday
closing price of PLN92.96.
Earlier this month, the insurer expressed interest in taking
over rival banks in Poland seeking higher returns on its capital in
a low interest-rate environment. The company's representatives said
at the time it has between PLN3 billion and PLN5 billion to
spend.
PZU, one of the biggest companies in Poland by revenue, has been
actively pursuing acquisitions in many sectors across Central
Europe trying to strengthen its operations.
It took over insurance rivals in Poland and the Baltics last
year and is consistently acquiring healthcare service providers to
strengthen its business in the sector. However, the company said
earlier it doesn't plan to integrate its insurance operations with
those of a potentially acquired lender.
Write to Patryk Wasilewski at patryk.wasilewski@wsj.com
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