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AXA offers up to $185 mln for Polish mBank's insurance arm - newspaper
September 5, 2014 / 6:52 AM / 3 years ago

AXA offers up to $185 mln for Polish mBank's insurance arm - newspaper

WARSAW, Sept 5 (Reuters) - Europe’s second-biggest insurer AXA has offered between 500 million and 600 million zlotys ($154.2-$185 mln) for the insurance arm of Poland’s mBank , daily Puls Biznesu reported on Friday.

The report cited sources as saying AXA is in the running for the unit along with Italian insurer Generali and Switzerland’s Zurich Insurance. None of the companies were immediately available for comment.

AXA, which already has a presence in Poland, wants to chip away at local market leader state-run insurer PZU, the newspaper’s sources said.

Earlier this year mBank, the country’s No.4 lender and a unit of Commerzbank, said it had launched a process that could lead to an eventual sale of its insurance arm. It planned to make a decision in the second half of this year. (1 US dollar = 3.2422 Polish zloty) (Reporting by Adrian Krajewski)

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