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
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.
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.
EUR 40 million.
EUR 500 million.
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.
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