According to the Group’s press release, the potential transaction mentioned in the memorandum, which is still subject to several conditions and necessary approvals, will result in the release of a capital surplus of up to PLN 20 billion.
It is noted that the banking and insurance group created after the merger of both companies will be one of the largest financial institutions in Europe. Its financing capabilities for the needs of Polish families and companies, including development of economically strategic sectors, will significantly increase. The entity created from the merger of the largest insurer and the second largest bank in Poland will have, among other things, a lending potential greater by approximately PLN 200 billion compared to the group's current model.
Both brands will maintain their identity, distinctiveness and autonomy of operation in their business areas, just as they have been operating for many years within the PZU Group, but the new group will be headed by a bank, not an insurer. To achieve this, it will first be necessary to divide PZU SA by separating the holding company and a 100% subsidiary conducting operational activities in the field of property and other personal insurance. Then, the PZU SA holding company will be merged with Bank Pekao SA as the acquiring entity.
According to the memorandum, the completion of the transaction is initially expected in mid-2026.
“The PZU and Pekao brands are worthy of a bold vision that reflects their potential and ambitions”, said Andrzej Klesyk, acting CEO of PZU. “We will create a more transparent, highly diversified, resilient and business-effective entity and release a large surplus of capital. This will bring greater benefits to shareholders and will also make it easier for us to finance important projects and investments that the Polish economy needs, including in the areas of energy, defense and new technologies”, the acting CEO of PZU added.
“The signed agreement is the result of effective cooperation within our capital group. We have a great opportunity to create a banking and insurance entity that is important on a European scale. Together we managed to develop a concept that is attractive to shareholders, which effectively uses the potential of PZU and Bank Pekao and optimizes allocation of capital resources of these two large organizations. This will allow us to significantly increase the capacity to lend to the Polish economy”, emphasized the president of the management board of Bank Pekao, Cezary Stypułkowski.
213 views
