Nationwide goes Dutch
Dutch insurer Aegon will take over 100 percent of Nationwide Polska's shares. The contract between the two companies has already been signed, but for the transaction to be valid, official consent must be given by the Insurance and Pension Funds Supervisory Commission (KNUiFE) and the Office for Competition and Consumer Protection (UOKiK), which the management is hoping to obtain by the second half of this year. The value of the deal is being kept under wraps by both parties.
Aegon is the third Dutch insurer on the Polish market, after ING Nationale-Nederlanden and Eureko, one of PZU SA's main shareholders. The company already has branches in the Czech Republic, Slovakia and Hungary.
"We didn't choose Nationwide by accident," said Alexander Wynaendts, a member of Aegon's executive board, "Our corporate cultures fit very well and we would like to draw on Nationwide's knowledge of the local market, focusing on the single premium unit-linked individual life-insurance policies."
Nationwide is due to be renamed Aegon Poland, but it will be managed by the current team with Michał Biedzki as the company's CEO. The new owners would like the company to reach the third or fourth position in the market within the next five years.
Aegon has been interested in Poland as their new partner for 10 years now and is considering further investments, possibly in pension funds, should an appropriate opportunity come along.
Aegon is the third Dutch insurer on the Polish market, after ING Nationale-Nederlanden and Eureko, one of PZU SA's main shareholders. The company already has branches in the Czech Republic, Slovakia and Hungary.
"We didn't choose Nationwide by accident," said Alexander Wynaendts, a member of Aegon's executive board, "Our corporate cultures fit very well and we would like to draw on Nationwide's knowledge of the local market, focusing on the single premium unit-linked individual life-insurance policies."
Nationwide is due to be renamed Aegon Poland, but it will be managed by the current team with Michał Biedzki as the company's CEO. The new owners would like the company to reach the third or fourth position in the market within the next five years.
Aegon has been interested in Poland as their new partner for 10 years now and is considering further investments, possibly in pension funds, should an appropriate opportunity come along.
