Poland to buy Pekao bank from Italy’s UniCredit
PR dla Zagranicy
Paweł Kononczuk
09.12.2016 13:21
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Poland to buy Pekao bank from Italy’s UniCredit
Polish insurer PZU said on Thursday it and Polski Fundusz Rozwoju (PFR) have agreed to jointly buy a 32.8% stake in Pekao SA bank from Italy’s UniCredit.
Photo: PAP/Adam Warżawa
Pekao is Poland's second-largest bank.
PZU and PFR are to pay PLN 10.6 billion (USD 2.58 billion, EUR 2.39 billion) for the stake, for PLN 123 per share, PZU said.
Commenting on the move, Deputy Prime Minister and Finance and Development Minister Mateusz Morawiecki said: "Today we have symbolically ended the era of selling off Poland's family silver, [a period] which lasted for the last 26 years. Today, the second largest Polish bank is coming back into Polish hands.”
Tomasz Ferenc has more…