Mysterious German insurer close to deal with Heros-Life

A German insurer wants to invest in Polish life insurer Heros-Life S.A. The new investor wants to acquire a stake from the company's biggest shareholder Kredyt Bank. Heros management board vice-president Jan Piatek declined to comment on the issue and said he cannot disclose the name of the company, but added that the talks have already entered a decisive stage. Kredyt Bank, currently owns 95.5% of the company, while the remaining shares are in hands of individual investors. The German insurer has already conducted a due diligence of Heros. Heros has been searching for a new investor since August, after it raised its capital. At that time information about potential foreign investors was also scant. The only other German insurer eyeing the Polish market was Victoria. Over a year ago it was interested in acquiring a stake in Polisa S.A., an insurer which went bankrupt at the beginning of the year. (Rzeczpospolita, page B5) P.S.