Belgian banking group KBC is to sell its Polish insurance unit Warta to German insurer Talanx for €770m as part of a restructuring plan required by EU authorities.
The transaction is expected to be finalised in the second quarter pending the approval of anti-trust authorities.
Talanx said Japanese partner Meiji Yasuda will take a 30% share in Warta, Poland's second largest insurer, once the takeover is completed.
KBC is being forced to divest assets under the oversight of the European Commission after the banking and insurance company was bailed out by the Belgian government during the global financial crisis between 2007-2009.
