mBank to seek partner for insurance business
Commerzbank subsidiary mBank, Poland’s fourth largest bank, is to seek a partner for its insurance arm, launching a process that could include an eventual sale of the business, it announced at the end of last week.
“The board of mBank granted its consent to conduct activities aimed at the selection of a ... partner for the bank in insurance within the mBank Group,” mBank said in a statement.
Earlier this year, the bank said it would decide on a possible sale of its insurance arm in the second half of 2014, after media reports said mBank had already sent out invitations to potential bidders.
Poland's state-controlled PZU, eastern Europe's No.1 insurer, has been tipped as potentially interested.
