Image: GTC

GTC with €200-mln Warsaw mall refinancing

Warsaw Stock Exchange-listed developer and investor GTC has secured up to €200 million in bank financing from Bank Pekao that it will use to refinance its Galeria Północna shopping center project in Warsaw. The company has previously obtained up to €116 million in bank financing from the same lender...

Locked content Pekao Q3 net profit grows

WSE-listed Bank Pekao, posted PLN 536.2 million attributable net profit in Q3 2017, up by 3 percent y/y, and above the consensus expectations for PLN 528 million. Revenue from interests inched up by 1.4 percent q/q to PLN 1.15 billion, while earnings from fees and commissions, contracted by 0.4 perc...

Locked content PZU doesn’t plan on buying more bank assets – CEO

WSE-listed insurer PZU doesn’t plan any new acquisitions in the banking sector, but might be tempted to acquire other assets across the group if the investment opportunity arises, the PZU representatives said. “I do not think PZU wants to buy a new bank, but if it is a question of whether a group of...

Locked content Pekao Q2 profit drops

WSE-listed Pekao, posted PLN 535.1 million attributable net profit in Q2 2017, down 22.5 percent y/y, but still above the consensus expectations for PLN 533 million. Revenue from interests inched up by 1.9 percent q/q to PLN 1.13 billion, while earnings from fees and commissions, increased by 1.5 pe...

Locked content Pekao plans no major acquisitions – acting CEO

According to Bank Pekao’s acting CEO, Michał Krupiński, the lender is not planning any major takeovers and is not interested in acquiring Raiffeisen Bank Polska, as it wants to focus on organic growth. “We are not in any talks regarding a merger with Alior or Raiffeisen takeover. We will be very foc...

Locked content Pekao to complete rebranding this year

WSE-listed, state-controlled lender Pekao should finish its rebranding by the end of the year. “The rebranding of the bank should be completed within the next six months,” Polish Development Fund (PFR) CEO Paweł Borys said. After the ownership change was finalized, the bank announced that it will re...

Locked content Pekao replaces entire supervisory board

Following the finalization of the state-owned PZU and PFR takeover of Pekao, the lender replaced its entire supervisory board. The GM appointed Paweł Surówka (PZU CEO), Paweł Stopczyński, Grzegorz Janas, Michał Kaszyński, Justyna Głabikowska-Michalak, Joanna Błaszczyk, Stanisław Ryszard Kaczoruk, Sa...

Locked content Pekao net profit beats expectations

WSE-listed Pekao, posted PLN 349.7 million attributable net profit in Q1 2017, down 29 percent q/q but still above the consensus expectations for PLN 327.1 million. Revenue from interests inched up by 0.2 percent q/q to PLN 1.11 billion, while earnings from fees and commissions, dropped by 6.4 perce...

Locked content PZU gets anit-trust approval for Bank Pekao takeover

WSE-listed insurer PZU secured the anti-trust watchdog UOKiK’s approval to buy 32.8 percent stake in Bank Pekao, meeting one of the conditions for the deal to go through, PZU said in a market filing. PZU and state fund PFR paid PLN 10.59 billion for the stake. The last major hurdle required fo...