British insurer Norwich Union to sell Polish operations after CGU merger

British insurance company Norwich Union will sell its Polish operations, according to British daily Sunday Telegraph. The insurer will dispose of its Polish acquisitions as a result of its merger with Commercial Union Polska (CGU). In February representatives of both companies envisaged that a new conglomerate would be formed and operate in Great Britain under the name CDNU, and under different names in different countries. For example, Commercial Union would be the name used in Poland. According to the Sunday Times, Norwich Union will use profits gained from the sale of its Polish operations to finance future expansion in Central and Eastern Europe. The investment bank Goldman Sachs will be Norwich Union's adviser, with the value of the transaction amounting to 200 million GBP (about zl 1.35 billion). (Gazeta Wyborcza, page 19) E.B.