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...

Locked content PFR will consider selling its Bank Pekao stake in 3-5 years

The Polish Development Fund (PFR) will consider selling its stake in Bank Pekao in three to five years, PRF CEO Paweł Borys told the Polish Press Agency (PAP) “Selling the entire 12.8 percent stake via the stock exchange and keeping a control stake at PZU, with the rest being in free-float, is a goo...

Locked content US-insurer with 5% stake in Pekao Bank

US insurance company Massachusetts Mutual Life has increased its stake in Bank Pekao to 5.35 percent making it the third biggest shareholder of the bank. The market filing did not specify how many stocks and when, the Massachusetts Mutual Life acquired, as listed companies in Poland are required to ...

Locked content Bank Pekao with better than expected Q4 results

WSE-listed Bank Pekao edged out consensus expectations with a PLN 494.7 million net profit, down by 5 percent q/q. The analysts expected a PLN 479 million. For the whole 2016, the company posted a PLN 2.28 billion profit (0.6 percent down y/y), which according to the bank’s CEO, Luigi Lovaglio...