Eureko-BIG BG and Treasury make peace with PZU

The conflict between the Treasury Ministry and the consortium of Eureko and BIG Bank Gdanski (BIG BG) over the biggest Polish insurer, PZU, has ended. The two sides have finally decided on the make-up of PZU's board of directors, as well as that of its supervisory board. The new chairman of the insurer is Zygmunt Kostkiewicz, previously head of PTE Commercial Union pension fund, while Jerzy Sablik, head of the Polish Accountants' Society, has been named chairman of the company's board of directors. The Treasury Ministry, which now has four representatives on the board, the same number as the consortium, is looking forward to issuing PZU shares, of which 21% will go to Eureko and BIG BG. When the deal is closed, the consortium will become PZU's strategic investor. Both the consortium and the Treasury Ministry continue their attempts to oust Grzegorz Wieczerzak, head of PZU Zycie who, despite his promise to resign, has decided to keep his seat for at least another month. (Prawo i Gospodarka, pp.1,9; Gazeta Wyborcza, pp.1,23; Rzeczpospolita, p.B1; Reuters) J.K.