Citibank, the banking unit of Citigroup, has received permission from Polish banking regulators to acquire up to a two thirds stake in Bank Handlowy, Poland’s largest corporate lender, and would have between 50 and 66 percent of the voting rights.
The acquisition price could be close to 1 billion. Citibank had originally sought to acquire the 30 percent interest of Polish insurer PZU. It has also negotiated with J.P. Morgan, Sweden’s Swedbank, and Swiss insurer Zurich Insurance according to Associated Press reports, and had asked permission to acquire a 75 percent share, but banking authorities settled on the two thirds figure.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
With American Mobile Out, Florida’s Mobile Home Insurance Market Seems to Have ‘Fallen Apart’ 
U.S. Auto Insurers’ Strong Performance to Continue Through 2025: Fitch 
Taylor Swift Cancellations Deal Blow to Insurers: Sources 
Debby’s Florida Claims Already Near 12,000 as Yaworsky Says Market Is Strengthening 
