KBC CLEARED TO TAKE CONTROL OF POLAND’S WARTA

Belgium-based KBC Insurance has been cleared by Poland’s anti-monopoly regulator UOKiK to increase its stake in Polish insurer Warta to 51% from 40%. KBC originally agreed the deal with majority shareholder Kulczyk Holding in late July. KBC has said that on assuming the majority holding it will, in accordance with local rules, launch a public bid to acquire the remaining shares. It noted that the transaction “fits in perfectly with KBC’s strategy of further developing its central European activities and its second home market”. Warta recently confirmed a first-half net profit of 24.9m zlotys on a technical insurance loss of 13.7m zlotys.