Belgian KBC Insurance raised its stake in Polish insurer Warta from 40.03% to 51.03%.
The increase in the shareholding fits in perfectly with KBC’s strategy of furthering the bancassurance concept for small- and medium-sized enterprises (SME) customers, which was launched in Poland in 2002 and can be further developed with Kredyt Bank (in which KBC has a 81% stake). KBC is aiming to strengthen its position in the Polish bancassurance market and thanks to Warta it has access to a well-developed working network of agents on the Polish market.
"Having acquired a majority shareholding, KBC – in accordance with the Polish Securities law – will launch a public bid for all outstanding shares", KBC said in a statement.
Source: Bluebull
