PZU and PFR Zl10.6 billion acquisition of 32.8% of Bank Pekao

Overview:

• Powszechny Zakład Ubezpieczeń (PZU) and Polski Fundusz Rozwoju (PFR) have acquired 32.8% of Bank Pekao from UniCredit.
• The value of the deal is approximately Zl10.6 billion or Zl123 a share.
• The deal also includes the acquisition of Pioneer Pekao Investment Management, Pekao Pioneer PTE, and DI Xelion.
• The deal enables the PZU Group to achieve one of the goals stated in its Strategy 2020, namely building a Polish banking group with target total assets of Zl140 billion.

Sam Duke - Editor