PZU Eurobonds

Location:

Poland

Project number:

45824

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

26 Nov 2013

Status:

Signed

 

Translated version of this PSD: Polish
 
Project Description

EBRD plans to purchase bonds of Polski Zaklad Ubezpieczen SA (the “PZU”), subscribing for the amount of EUR 40 million.
The bond issue aims to support general corporate expenditures, including:

  • PZU’s M&A Strategy, including International Expansion:
  • PZU’s Development of Asset Management Skills:
  • Capital markets in Poland

Transition Impact

The main transition rationale for the EBRD’s involvement is:

1. to support regional insurance market consolidation (market expansion) by creation of a regional player with economies of scope and scale

2. to develop local capital bond market (market expansion) through:
i) supporting longer tenor issuances, and
ii) participating in bond issues (new market instruments/financing tools)

3. to promote the development of asset management skills in the insurance sector.

The Client

Powszechny Zakład Ubezpieczeń comprising primarily of PZU S.A. (the parent company with non-life operations) and PZU Życie S.A. (life insurance, 100% subsidiary), the leading insurance group in Poland and Central and Eastern Europe, with a current market capitalization of PLN 39bn (€9.4bn) on the Warsaw Stock Exchange, consolidated gross written premiums (“GWP”) of PLN 16.5bn (€4bn) in FY2013 and total assets of PLN62.4bn (€15bn) as of the end of 2013.

EBRD Finance

EUR 40 million.

Project Cost

EUR 500 million.

Environmental Impact

Categorised FI. PZU S.A will be required to comply with EBRD’s Performance Requirements 2 and 9, comply with the EBRD’s E&S Procedures for Insurance Companies and submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

None.

Company Contact

Piotr Wiśniewski
Investor Relations
Tel: +48 22 582 26 23
Mobile: +48 601 336 330
E-mail: pwisniewski@pzu.pl

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

General enquiries

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Text of the PIP

Project Complaint Mechanism (PCM)

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Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.