- The agreements concluded between Bank Millennium and Europa Ubezpieczenia are part of the implementation of Bank Millennium's strategy for 2022-2024, which assumes, among others, the development of the bancassurance offer for retail clients. The Bank has been cooperating with Europa Ubezpieczenia for over 15 years, which is why I am very pleased that I can announce today the strengthening of this cooperation. The combination of unique experience and strengths of both organisations is aimed at creating a competitive offer of insurance products and improving their distribution. Digitalisation and changing customer expectations make close cooperation with Europa Ubezpieczenia also in terms of technology crucial for us. I am confident that together we will create significant value for customers and both organisations. The transaction will also result in a significant strengthening of the Bank's capital position – said Joao Bras Jorge, Chairman of the Management Board of Bank Millennium.
As part of the transaction, Europa Ubezpieczenia acquires 80% of shares in Millennium Financial Services, currently operating in the Bank Millennium Group. The company will support Europa Ubezpieczenia and Bank Millennium in creating new solutions for clients and servicing already concluded policies. It will also ensure the possibility of effective implementation of sales processes in all channels of the Bank, also through the use of modern technological solutions. If the Transaction will close successfully, the Bank expects to recognize an upfront pre-tax gain on the transaction of approximately PLN 500 million which will have positive impact on the capital ratios of the Bank. The finalisation of the transaction is subject to obtaining the approval of the relevant antitrust authority.
The concluded agreements do not require any action from Bank Millennium's clients.
- The extension of our cooperation into a strategic, long-term partnership with Bank Millennium creates a lasting foundation for the stability and success of the development of Europa Ubezpieczenia companies. We are significantly increasing the scale of operations on the Polish market and building the foundations for further profitable business growth. Strengthening the financial standing and enhancing our business relationship with Bank Millennium will translate into improving the insurance offer for the bank's clients, so that it gives the highest possible value and protection of life and property - emphasised Artur Maliszewski, President of the Management Board of Europa Ubezpieczenia companies.
For many years, Bank Millennium has been offering its clients various types of insurance in sales channels convenient for them. These include both insurance providing protection for the repayment of credit products, assistance solutions supporting them in everyday life situations, tourist products accompanying them during the trip, as well as car or scooter insurance.
Hogan Lovells Branch in Poland acted as the legal and tax advisor, KPMG Advisory sp. z o.o. sp.k acted as the transaction and accounting advisor and Milliman acted as an actuarial advisor for Bank Millennium.