April 3, 2014 / 4:01 PM / 3 years ago

Commerzbank's Polish arm to seek partner for insurance business

WARSAW, April 3 (Reuters) - Commerzbank subsidiary mBank, Poland’s fourth largest bank, is to seek a partner for its insurance arm, launching a process that could include an eventual sale of the business, it said on Thursday.

“Board of mBank granted its consent to conduct activities aimed at the selection of a ... partner for the bank in insurance within the mBank Group,” mBank said in a statement.

Earlier this year, the bank said it would decide on a possible sale of its insurance arm in the second half of 2014, after media reports said mBank had already sent out invitations to potential bidders.

Poland’s state-controlled PZU, eastern Europe’s No.1 insurer, has been tipped as potentially interested.

Reporting by Adrian Krajewski. Editing by Jane Merriman

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