BOSS OF POLAND’S PTU OUTLINES FLOTATION PLANS

Polish insurer PTU, formerly TUK, is in a good enough financial condition to float on the Warsaw stock exchange, according to PTU chief executive Graznya Brocka, quoted in Polish News Bulletin . He said that a decision on the timing of the flotation would be made soon, and that the money raised would be used for the development of health insurance, PTU’s distribution network, and brand recognition. He said that PTU’s strategy in the medium-term would be the development of insurance offerings for small to medium sized enterprises. Mr Brocka said that PTU was also considering the expansion of a new product that combines wealth management and insurance services for the construction market. PTU posted a net profit of 11.5m zlotys in H1 2005.