Bancassurance brings BZ WBK and CU closer together

The companies want to enter the bancassurance sector more actively. "So far we have concentrated on improving the effectiveness of our activities. At the same time we have sought opportunities to improve our results further. Bancassurance provides such a chance and we estimate that within five years it should generate 40-50% of the bank's revenues," declared BZ WBK board member Jacek Marcinowski. Currently, the share of bancassurance in the bank's revenues is no more than 5%. The CU group also plans to benefit from the cooperation with BZ WBK. "According to our cautious estimates we will insure 15-20% of borrowers that take cash loans from BZ WBK this year. This will allow us to collect zł.8 million in premiums," stated CU Polska deputy president Zygmunt Kostkiewicz. In 2005, CU's premiums from bancassurance amounted to zł.60 million in total with most of it coming from its cooperation with Deutsche Bank. This year, the figure is to increase to at least zł.100 million. (Parkiet, p. 4; Puls Biznesu, p. 12) E.B.