After Kredyt Bank KBC sets its sights on Warta

The Belgian KBC group, which has managed to secure full control over Kredyt Bank (KB), also intends to become a dominant shareholder in the Warta insurance company. Currently the Belgian company holds a 40% stake in the insurer. Market analysts are speculating about KBC's possible purchase of Warta's majority stake from Kulczyk Holding (KH). "If such a possibility arises we will be very much interested in the stake," said Herman Agnessens, KBC board member. Everything depends on KH, which presently controls a 57.8% stake in Warta. According to unofficial information in Puls Biznesu, KH is reluctant to sell the stake as it is very satisfied with the current ownership structure. KBC has a limited influence on managing the insurer, as it only has one seat on the five-strong Warta management board, and similarly only has one representative on the Warta Vita six-strong board. (Puls Biznesu, p. 9) A.Z.