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Haitong Bank advises on the acquisition of WDB S.A. by PIB Group

Carlyle Group's portfolio company - British insurer PIB Group purchases a 100% stake in Polish WDB S.A.

Haitong Bank Polish Branch was the sole advisor in the acquitision of 100% of WDB S.A. shares by industry investor PIB Group. The UK entity is an insurance intermediary group owned by Carlyle Group - one of the biggest private equity funds worldwide. PIB Group has already made more than 30 acquisitions in the insurance market and this is the first in the CEE region. The transaction value was not given.

Michał Kowalczyk, Assistant Vice President in Haitong Bank's M&A Department, summarized the transaction – "The Polish broker market is still very fragmented but the consolidation is slowly happening. There are dozens of entities but the 10 biggest brokers hold less than 50% of the market share. International companies present in Poland have expanded organically so far and have maintained their market position. Most of the Polish brokers do not have enough funds and experience in acquisitions to consolidate the market. PIB Group’s business model of buy-and-build with its strong capital position and M&A experience may change the Polish insurance market."

SSW Pragmatic Solutions was the legal advisor in the transaction.