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PZU Seeks to Create Top Polish Bank After $431 Million Deal

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PZU SA, Poland’s biggest insurer, is in talks to buy two banks to form one of the nation’s largest lending groups after agreeing to acquire a stake in Alior Bank SA for 1.63 billion zloty ($431 million).

“We want to create one of Poland’s top-five lenders,” PZU Chief Executive Officer Andrzej Klesyk told reporters Saturday, declining to name the targets. The Alior purchase is the “first step for us to consolidate the Polish banking industry.”