KBC plans major shake up at Warta and Kredyt Bank

"We intend to create the most dynamic insurance-banking group in Poland," announced Bohdan Mierzwiński, deputy general director of Kredyt Bank. It intends to do this by developing mutual bancassurance, which currently constitutes 77% of Warta's premium portfolio in the case of life insurance products and almost nothing in the case of property products. "I believe we can still achieve a lot in this segment," said Ireneusz Łuszczewski, president of Warta. The group will also open insurance outlets in KB's outlets, which should number 120 by the end of 2006. The cooperation should allow for a zł.314 million growth in premiums. KB wants to acquire a 10% stake in the domestic banking sector, which envisages doubling the current figure via organic growth. To achieve this goal the bank will open an additional 120 outlets by 2008. (Puls Biznesu, pp. 1, 7) M.M.