Zurich granted Polish licence
Zurich Financial Services along with the Polish workers' association Solidarnosc NSZZ has become the latest group to receive a licence from the Polish local authorities to conduct pension fund business in Poland.
The amalgamation of the two groups into Warsaw-based Zurich Solidarni, will already benefit from the 1.6m members of the renouned Polish trades union. Market operations are expected to begin this year once the privatisation of part of Poland's state system is complete.
The confirmation of Zurich Solidarni's licence in Poland brings the list of approved companies to thirteen, which are as follows: 'AIG' - founded by Alico and Amplico life; 'BIG Banku Gdanskiego' - BIG Bank Gdanski and Eureko BV; 'Skarbiec-Emerytura' - Bank Rozwoju Eksportu and Hestia Insurance: 'Commercial Union WBK BPH' - CU Polska/CU Assurance; 'Nationale Nederlanden Polska' - ING and BSK; 'PBK' - PBK, Gornoslaki Bank Gospodarczy, TU PBK; 'Pioneer' - The Pioneer Group; 'PKO/Handlowy' - PKO BP, Bank Handlowy; 'PZU' - PZU Zycie; 'DOM' - Citibank (Polska), TUiR Warta; 'Winterthur' - TUZ Winterthur, EBOR; 'Zurich Solidarai' - Zurich Financial Services, NSZZ Solidarnsc; and 'Norwich Union' - Norwich Union.