KBC BANCASSURANCE RAISES STAKE IN POLAND’S WARTA TO 20.1%

Belgium’s KBC Bancassurance has increased its stake in Poland’s second-largest insurer Warta to 20.1% of votes from less than 5% previously. Warta also noted that its majority owner, conglomerate Kulczyk Holding, had cut its stake in the company to 66.5% from more than 80%. Earlier this month, KBC struck a deal with Kulczyk to buy nearly all Warta’s issue of 2m new shares at 151 zlotys each and become the Polish firm’s strategic partner. The Belgian group, which also holds a controlling stake in Poland’s Kredyt Bank, has said that it plans to increase its holding in Warta to about 40% through buying new shares and acquiring stock from other owners.