Raiffeisen Polbank has raised PLN35m (€8.5m) with its Recepta na Zysk (Prescription for Profit), a two-year endowment policy linked to a share basket comprising shares of nine pharmaceutical companies: Sanofi, Novartis, GlaxoSmithKline, Roche, AstraZeneca, Bristol-Myers, Eli Lilly, Pfizer and Merck.
Prescription for Profit was wrapped as a tax-free life insurance product with a 97% capital protection. At maturity, if the final basket level was at or above its initial level, the product would pay out a minimum capital return of 97%, plus a fixed return of 3% alongside 100% participation on the rise in the share basket, subject to a maximum return of 22%.
Raiffeisen Polbank has been in the Polish market since December 2012. Previously known as Polbank EFG, the Greek EFG Eurobank Ergasias-owned bank was acquired by Raiffeisen Bank International AG in February 2011, following a €490m cash payment for a 70% stake.
Raiffeisen now holds 87% while EFG holds 13% in Raiffeisen Polbank. A total of 15% of the bank's shares are to be traded on the Warsaw Stock Exchange (WSE) by June 2016.
Raiffeisen Polbank is now marketing Recepta na Zysk II, a second tranche of this product, which is available until the end of April.