PTE PZU buys PTE Skarbiec from BRE Bank

The new entity, which will operate under the name PTE PZU, will have 2.28 million members and will outstrip PTE Nationale-Nederlanden, currently the second player on the market. PTE PZU will remain in third position when it comes to net asset value. After the merger its value will amount to zł.13.38 billion, as compared to zł.22.1 billion in PTE Commercial Union, the market leader. The new fund will be 86.9% controlled by PZU, while the remaining stake will be in the hands of BRE Bank, the current owner of PTE Skarbiec. The maximum value of the transaction has been set at zł.365 million. "The effects of the deal were taken into account when we revised upwards our financial aims for this year. The prognosis envisages a gross profit of about zł.330 million," said BRE Bank president Sławomir Lachowski. According to Lachowski, the merger will be beneficial for both funds. (Puls Biznesu, p. 9, Parkiet, p.8) A.F.