Royal PBK looks set to welcome in new ownership

Contrary to market expectations, however, it will not be taken over by FinLife, which took part in the bidding, as it did not receive a recommendation from the Citicorp Group, an intermediary in the planned transaction. For the first time in this country, it seems that private domestic investors will acquire an insurer from a foreign sector investor. Furthermore, it is believed, the potential investors are set to pay less than zł.10 million for the company. Phil Wilson-Brown, a spokesperson for the Royal & SunAlliance Insurance Group, which currently controls 81.8% of shares in Royal PBK, declined to comment on the bid. The British group has already invested zł.127.5 million in the venture. Consequently, a withdrawal from the market would result in a loss of around zł.120 million. Initial data shows Royal PBK recorded a loss of zł.30.9 million last year. (Parkiet, p. 1) A.K.