Open Finance S.A., a shareholder of Open Life TU Życie S.A., filed for bankruptcy. The reason is the deterioration of the company’s financial situation.
Open Finance, a financial intermediary company in Poland, filed for voluntary liquidation due to insolvency with the District Court for the capital city of Warsaw in Warsaw, XVIII Commercial Insolvency and Restructuring Division. The reason is the lack of prospects for obtaining financing that would allow the company to operate in the future.
Open Finance debuted on the Warsaw Stock Exchange in 2011. The company is a shareholder of Open Life TU Życie S.A. and holds 49% of the insurance company’s shares.
„Open Life is a wholly separate company and the market situation of Open Finance S.A. does not translate into the safety of Open Life customers and funds entrusted to us.” – Open Life TU Życie S.A. informs in its announcement. – „We assure you that all Open Finance S.A. customers holding Open Life insurance will be serviced without disruption, on the same terms and conditions as before, and all instructions and benefits will be carried out in accordance with the agreed deadlines.”