ABN Amro, Merrill Lynch and Rothschild are leading the initial public offering of Powszechnego Zakladu Ubezpieczen (PZU), Poland's largest insurer, in a boost to the banks' Polish business.

Merrill has run the books for one equity offer in Poland since the beginning of 1999, according to Dealogic CapitalData, while ABN Amro or Rothschild have not run any equity offers in Poland in the same period. Unicredit Banca Mobiliare, the Italian bank and Merrill jointly ran the Plz209m (€53m) offer for sale of the state's remaining stake in Bank Pekao last October.