Courtesy of PZU
Poland’s largest insurer PZU has a fair amount of cash that it’s willing to spend on acquisitions outside of its home market.
“We have some zł.5 billion of free cash, which could be raised to approximately zł.7.5 billion with a loan,” Andrzej Klesyk, CEO of PZU, told Reuters in an interview.
He also said that the insurer could team up with certain private equity funds to finance some bigger transactions. “However, there is no such deal on the horizon,” admitted Mr Klesyk.
Any acquisitions will be carried out through the insurer’s investment arm, PZU International.
“We are interested in all insurers’ assets in the region which will be put up for sale,” Mr Klesyk told Reuters.
Media rumors have it that PZU is keeping a close eye on Generali and ING assets in Central Europe. The insurer might also acquire a minority stake in Alior Bank soon, Rzeczpospolita wrote.
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