Belgian KBC acquires Warta stake for bank-insuranc

The Belgian financial group KBC has taken a big step toward creating a strong financial conglomerate in Poland, agreeing to acquire up to 40% of Poland's second largest insurer Warta from Kulczyk Holding. KBC already controls mid-sized Kredyt Bank and is rumored to have its sights set on one of Poland's two largest retail banks, PKO BP, which is to be privatized next year. The company plans to develop ties between its banking and insurance operations in Poland. 'Development of bank-insurance activities is one of the main objectives of the banking-insurance group being created,' said Kredyt Bank spokesman Marek Szelewicki. The group also includes life insurance company Warta Vita and two pension funds, PTE Dom and PTE Kredyt Banku, which will likely merge. (Puls Biznesu, page 4)