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...

Locked content PZU, PFR to finalize Pekao purchase on June 7

WSE-listed insurer PZU and state-owned development fund PFR will finalize the purchase of a 32.8 percent stake in WSE-listed bank Pekao from Italy’s UniCredit on June 7, PZU said in a market filing. Back in 2016, Polish insurer PZU and Polish Development Fund PFR agreed to buy 32.8 percent of ...

Locked content PZU plans no new banking acquisitions

Poland’s largest insurer PZU is not planning any new acquisitions in the banking sector, however its banking units might be, company’s CEO Paweł Surówka said in an interview with the Polish Press Agency (PAP). “At this stage of our development, we have satisfied our appetite for acquisitions i...

Locked content PZU, PFR with KNF approval for Pekao takeover

Financial market watchdog KNF has approved the purchase of Pekao by PZU and PFR, which clears the last obstacle to finalize the transaction. The buyers want to finalize the deal in early June, just in time to qualify for the banks’ dividend, set at PLN 8.58 per share. Back in 2016, Polish insurer PZ...

Locked content PM Szydło: I control PZU

Prime Minister Beata Szydło said at the press conference that she took a “direct control” over Poland’s biggest insurer PZU. “Supervision of the firm is conducted by me,” Szydło said. “I’ve determined that for the good of the firm it will be beneficial,” she added. The company as a finan...