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Apr 30, 2010

Privatization of insurance company

The Government of Poland, together with Eureko, a Dutch insurer, sold a 30 percent stake in PZU, central Europe's largest insurance company in an 8bn zlotys IPO, the largest in Europe since December 2007. About 20 percent of Poland's economy remains under State control, and the Government's goal is to push that closer to the 10 percent that is the norm in developed countries. Strategic companies where the Government has a significant - and often controlling - stake such as PKO BP, the country's largest bank, and PKN Orlen, the leading oil company, are not heading for complete privatization. Instead, groups that remain under State control will be de­politicised and run along market lines.

Type: Entry and establishment (Ownership and control)

Industry: Services (Financial and insurance activities)