On June 26, PZU SA and Bank Pekao SA signed a document initially establishing the principles of cooperation between the two companies in a potential transaction of reorganizing the capital group and creating a new banking and insurance group (term sheet).

As PZU said in its press release, the term sheet indicates that PZU has already taken and will continue to take steps to divide and create a holding structure. The parties intend to complete the potential transaction by June 30, 2026. PZU and Bank Pekao emphasize that the transaction depends on a few factors beyond their control, including entry into force of relevant legislative changes, agreement and conclusion by the parties of relevant transaction documentation (within 120 days from the date of entry into force of the necessary legislative changes), obtaining consents of the Council of Ministers and a number of regulatory consents, in particular the KNF.

“We want to carry out a transaction that is absolutely unique in terms of scale, complexity and significance. There has been no such transaction on our financial market. We are planning to release PLN 15 to 20 billion of capital for PZU and Pekao shareholders and for the Polish economy”, said Andrzej Klesyk, acting president of the PZU management board.

“Work on creating a new and important financial group for the Polish economy is entering the next stage. We have a clear road map; we are creating working teams, and we are shifting into a higher gear in our cooperation”, added Cezary Stypułkowski, President of the Management Board of Bank Pekao.