Bank Pekao buys 51% stake in asset manager Pioneer Pekao for €140 mln

WSE-listed lender Bank Pekao signed a deal to buy 51 percent stake in asset manager Pioneer Pekao Investment Management for €140 million from Pioneer Global Asset Management. “Total consideration which will be paid to Pioneer Global Asset Management amounted to €140 million and includes also the price for 35 percent stake in Pekao Pioneer PTE,” the bank said in a market filing. Pekao already controls 49 percent shares of the asset manager and expects the deal to have a PLN 400 million positive impact on the company's consolidated net profit.