The Polish Financial Supervision Authority (KNF) has approved of Poland's third largest lender BZ WBK taking over a controlling stake in insurance joint venture firms BZ WBK-Aviva Towarzystwo Ubezpiecze˝ na »ycie and BZ WBK-Aviva Towarzystwo Ubezpiecze˝ Ogólnych.
The deal was struck in August this year and approved by the Office of Competition and Consumer Protection in October.
Up till now, the firms had been 50 percent-owned by the bank and Aviva International Insurance Limited. BZ WBK will now buy an additional 16 percent stake in the firms. Aviva holds the option to buy 17 percent in them in the future.
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