News date: 2 September 2015
On September 01, 2015 the Antimonopoly Committee of Ukraine (the AMCU) granted its permit to the largest Polish international insurance group PZU SA for acquisition of 25% stake of Аlior Bank SA (Warsaw, Poland) for the total sum of PLN 1.63 bln (USD 431 mln).
The team of lawyers of Ilyashev & Partners Law Firm consisting of Oleksandr Fefelov, the Head of the antimonopoly and competition law practice, Mykola Aleksiuk, a lawyer and Taras Utiralov, an attorney at law, has been working on the transaction for two months.
PZU SA has been in talks with two banks to form the largest financial group PZU SA in Poland. Acquisition of Аlior Bank has become the first step towards increasing the share of PZU SA at the market. Alior Bank was established in 2008 and is included into top-10 biggest Polish banks according to the amount of its assets and into top-4 according to the quantity of its branch offices.
Pursuant to Ukrainian antimonopoly law the transaction could not be completed without obtaining merger clearance of the AMCU as soon as PZU SA is operating at Ukrainian insurance market through a number of its affiliated companies.
About PZU Ukraine
Insurance company PZU Ukraine has been operating since 1993 and is a part of the largest insurance group of the Western Europe established in Poland over 200 years ago. PZU group includes more than 600 insurance branches from Poland, Lithuania, Latvia and Ukraine. PZU Ukraine is a part of top-10 framework insurance companies and offers more than 75 insurance products for personal insurance and insurance of property.