June 11, 2014 / 6:46 AM / 4 years ago

Poland's PZU to invest up to $66 mln in medical business -paper

WARSAW, June 11 (Reuters) - Poland-based PZU, Eastern Europe’s biggest insurer, wants to invest up to 200 million zlotys ($66 million) over the next two to three years to build a network of up to 550 medical centres, a PZU manager was quoted as saying in a newspaper report on Wednesday.

The state-controlled firm plans to strengthen its product offer by also providing healthcare services and is tipped as a potential buyer of medical units owned by other state-owned companies.

Last month, PZU bought a medical business from oil company PKN Orlen for 48 million zlotys and is now expected to bid for similar businesses owned by utility Tauron and copper miner KGHM.

“We are holding talks with several companies,” PZU manager Rafal Grodzicki told the Puls Biznesu newspaper. “Probably we’ll buy one or two medical centres this year.”

The group plans to have a 20-percent share of the local market for health insurance policies and medical service fees, estimated by PZU to be worth about 2.5 billion zlotys annually within the next two to three years. ($1=3.0341 Polish zlotys) (Reporting by Adrian Krajewski; Editing by Greg Mahlich)

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