As part of its 2012-2014 operating strategy, PZU selected Lithuania as its base for expansion into Latvia and Estonia, PZU Lietuva said in a press release on Friday.
"Our shareholder, PZU, sees operations in Latvia and Estonia as a natural international expansion route. Its strong position in the Lithuanian market allows it to plan operations in the other Baltic countries as well, with plans to enter these markets in the second half of 2012. We are now intensively mapping out our business strategy in the region," PZU Lietuva CEO Marius Jundulas said.
The PZU Group plans to spend 6 billion to 7 billion Polish zlotys (EUR 1.45-1.7 b) on foreign expansion. In cooperation with a financial investor, it plans to establish PZU International to carry out acquisitions and run the international business.
PZU is Poland's biggest insurance company. The Dutch financial group Eureko is its strategic investor.