PZU received the last required approval for the acquisition of RSA Group business in the CEE

16 October 2014 — Daniela GHETU
PZU SA has finally gathered all the required permits for the acquisition of the Group RSA: Link4, LIETUVOS Draudimas AB, AAS Balta Codan Forsikring and A/S Estonia. On October 14, the deadline within which the relevant financial supervision entities of Denmark and Estonia had to submit comments to the acquisition by PZU of the Estonian part of Codan Forsikring A/S, founded in Denmark has expired. As no objection was raised until now, the transaction may proceed as planned.

"I am very happy that I have gathered all the permits and consents needed to complete the transaction with the British group RSA. Cooperation with financial supervisors in Poland, Lithuania, Latvia and Estonia ran smoothly and we are very pleased with the results," stated Przemyslaw DABROWSKI, Member of the PZU Board.

The Danish Financial Supervisory, in a letter to supervisors in Tallinn, states that all conditions for the transfer of the Estonian subsidiary Codan Forsikring company A / S on October 14, 2014 have been met by PZU SA. The actual purchaser of the new entity is PZU Lithuania, in which PZU SA has close to 100% of the share capital. To complete the transaction, the conclusion of the sale contract between PZU SA and the RSA Group will take place October 31, 2014.

The purchase of the Estonian Codan Forsikring business section A / S is the last episode of this year's acquisition of the assets of the British RSA Group. Under the agreement, in the sum of EUR 360 million, PZU SA took over the direct insurance market leader in Poland - Link4 Insurance Company and market leaders: Lithuania - LIETUVOS Draudimas AB and Latvian - AAS Balta. Also the subject of the acquisition was the purchase of a Baltic subsidiary Codan Forsikring Danish company A / S.

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