KBC to sell Polish insurer Warta to German group

1/20/2012 12:40:00 PM

BRUSSELS - Belgian banking group KBC announced Friday a deal to sell its Polish insurance unit Warta to German insurer Talanx for 770 million euros ($993 million) as part of a restructuring plan required by EU authorities. The transaction is expected to be finalised in the second quarter pending the approval of anti-trust authorities. Talanx said Japanese partner Meiji Yasuda will take a 30-percent share in Warta, Poland's second largest insurer, once the takeover is completed. KBC is being forced to divest assets under the oversight of the European Commission after the banking and insurance company was bailed out by the Belgian government during the global financial crisis between 2007-2009. Copyright AFP All rights reserved. This material may not be reproduced, published, broadcast, rewritten or redistributed without prior permission in writing from AFP.

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