Bank Pekao denies reports that CEO Wisniewska is to move on to Unicredito

Poland's largest listed bank, Pekao SA, has denied that chief executive Maria Wisniewska, who helped the bank become a leader on the local financial market, is to quit. A press report had suggested that Wisniewska, who merged the bank with three smaller peers and implemented a deep restructuring program after the Treasury sold it to Unicredito Italiano, was to be r eplaced in March. The report claimed that Wisniewska had been offered a position at Unicredito, which controls 53% of Pekao, and would be succeeded by Igor Chalupec, Pekao's deputy CEO. "The report is false and there are no plans to replace Pekao's chief executive," said spokesman for the bank, Sebastian Luczak. Shares in Pekao are almost 30% up this year and nearly three times higher than their 1998 debut price. Pekao, which, thanks to aggressive cost cutting and strong non-interest income growth, has fended off the effects of Poland's sharp economic slowdown, increased profits by two-thirds last year and announced a hefty dividend. (Reuters)