KNF gives green light to PZU purchase of stake in Pekao
PR dla Zagranicy
There are no grounds for opposition to state-run insurer PZU's purchase of a stake in Bank Pekao through the Polish Development Fund (PFR), the Polish Financial Supervision Authority (KNF) has said.
Photo: Paul Sableman/Flickr.com
In December last year, PZU announced that it and the PFR had agreed to jointly buy a 32.8 percent stake in the Poland based-bank belonging to Italy’s UniCredit.
PZU was expected to foot PLN 6.46 billion (EUR 1.5 billion) of the PLN 10.6 billion bill.
"This is the latest recent very good news for all of the Polish economy,” Polish Finance Minister Mateusz Morawiecki said.
“Every large… economy in the world aims for a healthy and effective balance between foreign and domestic capital in the strategic and vulnerable sectors of industry and services,” Morawiecki added.
“Such a sector is certainly Poland's bank sector, which only a few years ago was strongly dominated by foreign investors”. (vb/pk)