PZU push to become holding

The firm's management board says the process should be concluded by mid-2006. It will be a lengthy and difficult process but worthwhile according to analysts. "This is what investors have been awaiting for a long time. Thanks to the transformation it will be easier to manage the separate companies and they will become more transparent. The change should allow substantial cost cutting, thanks to securing synergy effects." PZU president Cezary Stypułkowski said: "We do not have detailed figures yet, but at the administrative level alone we should be able to save zł.500 million annually."