Eureko consortium to become controlled by Achmea

Banco Comercial Portugues (BCP) has announced it is to buy back 49% of its insurance arm Seguros e Pensoes, from the Eureko consortium, which would reduce BCP's stake in Eureko from 20.86% to 5%, leaving Dutch insurer Achmea with a controlling 54% stake. In an official announcement following the decision, Eureko spokeswoman Lorrie Morgan said BCP, through its holding in BIG Bank Gdanski, would continue its bancassurance co-operation with Eureko. Eureko recently said it had "given up hope" that a deal signed with Poland's previous government to hand it control of insurer PZU, which controls 60% of the non-life insurance market, would make any progress and went on to announce that it would take its bid for control of PZU to arbitration. According to Eureko, "The Polish government, although it admits it has legally valid agreements with Eureko which obligate both parties to implement the IPO, refuses de facto to prepare the company for this within the agreed time-frame." (Puls Biznesu, p.14, Prawo i Gospodarka, p.1, Reuters) J.K.