Hestia to sell off it stake in PTE Skarbiec to BRE Bank

Sopot-based insurer Hestia wants to sell its 25% stake in pension fund PTE Skarbiec-Emerytura to BRE Bank, according to the plans of the insurers new shareholder Munich-based group ERGO. "Hestia wants to have its own pension fund. Our new shareholders are expecting that we will have at least a majority stake in an Open Pension Fund (OFE). We are currently in talks with BRE Bank (which owns 75% of PTE Skarbiec Emerytura) and we are convinced in the face of current regulations it is only fair we sold them our holding," said Hans-Dieter Knuettel, co-president of the supervisory board in Alte Leipziger Europa (ALE) the owner of Hestia . He added, in the coming weeks Hestia will decide to create its own pension fund or takeover an existing one. ERGO is also the owner of property insurer Compensa through Hamburg Mannheimer and there is speculation of a possible merger of the insurers. (Puls Biznesu, page 4)