Generali: KBC's Polish Unit Warta Attractive Asset
28 December 2011 - 8:29PM
Dow Jones News
Warta, the local insurance unit of Belgian bank KBC Group NV
(KBC.BT), is an attractive asset due to its size and growth
outlook, head of Assicurazioni Generali SpA (G.MI) local unit
Andrzej Olech told Polish business station PIN Radio Tuesday.
Olech declined to comment on whether Generali is interested in
taking over Warta.
"All I can say is it is an attractive asset, one of the few such
large assets in the region, with growth potential," said Olech. "It
is worth looking at."
In July, KBC--under pressure from the European Commission--said
it would sell its Polish units Warta and Kredyt Bank (KRB.WA) to
boost capital after receiving EUR7 billion in state aid.
According to Polish media, Warta's suitors include Allianz SE
(ALV.XE), Italy's Generali, Talanx Group, Vienna Insurance Group,
Zurich Financial Services AG (ZURN.VX) and AXA SA (CS.FR). The
price tag is estimated at some EUR700 million.
-By Patryk Wasilewski; Dow Jones Newswires; +48 22 447 2430;
patryk.wasilewski@dowjones.com