PZU Eurobonds



Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

26 Nov 2013




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


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.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

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.