Locked content PZU sells PLN 2.25 bln in 10Y subordinated bond

WSE-listed, state-owned insurer PZU sold PLN 2.25 billion in 10-year subordinated bonds at 180 bps over 6M WIBOR. They will be listed on the WSE-owned platform, either BondSpot or Catalyst. The papers will be callable in 5 years. The European Bank for Reconstruction and Development (EBRD) has invest...

Locked content PZU to sell PLN 2.25 bln subordinated bonds

WSE-listed, state-owned insurer PZU will sell PLN 2.25 billion in subordinated bonds maturing at 1.8 percent over 6M WIBOR. The bonds will mature in 2027. Pricing is in line with earlier reports. The issue was possible thanks to the law signed by President Andrzej Duda, which allows insurers to inco...
Alior BankImage : Vivenge

PZU denies plans to merge Alior with Pekao

State-owned insurer PZU denied media reports that it will merge its banking units Pekao and Alior. “It’s pure media speculation,” PZU CEO Paweł Surówka, told the Polish Press Agency (PAP). PZU will instead seek revenue and cost synergies among the two lenders

Locked content PZU signs new deal for subordinate bond issue

WSE-listed insurer PZU, signed new deals with six banks to run a PLN 3 billion subordinated bond issue. The new contract adds state-owned bank BGK to the mix. The other banks include, announced back in March Pekao, BZ WBK, ING Bank Ślśski, mBank and PKO BP. An eventual issue remains “dependent upon ...

Locked content Pekao appoints Michał Krupiński as CEO

State-owned lender Pekao named former PZU head Michał Krupiński as its new CEO. His appointment needs to be approved by the Financial Supervision Authority (KNF). Krupiński replaces long-time Pekao boss Luigi Lovaglio who was dismissed, along with him, Deputy CEOs Diego Biondo and Stefano Santini re...

Locked content PZU and PFR finalize Pekao takeover

State-owned insurer and state investment vehicle PFR finalized the takeover of Pekao from UniCredit. Both entities acquired 32.8 percent stake in Poland’s second biggest bank for PLN 10.6 billion in a deal signed in December last year. “This is a historic moment. By completing the acquisition of Ban...

Locked content PZU to spend 80% of 2017 profits on dividend – CEO

WSE-listed insurer PZU may pay up to 80 percent of its 2017 profits in dividend, company’s CEO Paweł Surówka said. For 2016 profits the pay-out stood at 62 percent. “This year is an exceptional one and responsible management should ensure preserving means for the takeover of Pekao and taking care of...

Locked content PZU with PLN 940 mln attrib. net profit in Q1

WSE-listed insurer PZU posted a PLN 940 million net profit for Q1, a 91,1 percent increase y/y. The impressive result comes from better investment results, its car insurance business and a mild winter which meant less compensation for farmers, the company said in a market filing. Gross written premi...

Locked content KNF approves new PZU CEO

Financial market regulator KNF approved Paweł Surówka for the post of the WSE-listed insurer PZU CEO. Surówka replaced Michał Krupiński, who was dismissed back in March. Previously, Surówka has been the CEO, of PZU subsidiary, PZU Życie. Surówka was appointed to the post on April 13, but his candida...