CU and Societe Generale close to cooperation agreement

The insurance company Commercial Union Polska (CU) and French financial group Societe Generale are close to signing an agreement initiating cooperation in a move towards increasing their share in the Polish retail financial services market. The two companies, traditional capital partners, are planning to set up a network of small retail outlets offering insurance and banking services. '" We are now heading for the position of the leader in this field," said Jaroslaw Myjak, the head of CU' s Polish parent CGNU. It is not clear yet whether the two companies would merely like to support each other or whether they are going to offer joint services. Societe Generale is also mentioned as a potential CGNU partner in development of bankassurance services. It is said that almost all Polish insurers are craving for cooperation with the banking sector. Grupa Eureko, in its privatization plans for Powszechny Zaklad Ubezpieczen (PZU), is now considering bankassurance together with BIG Bank Gdanski (BIG BG). TU Allianz Polska and TU Allianz Polska Zycie insurance companies already sell their products via Pekao S.A. (Puls Biznesu, page 4)