KNF approves PZU OFE takeover of Pekao OFE

Financial Supervision Authority KNF approved the takeover of the Pekao OFE pension fund by its peer OFE PZU Złota Jesień. As a result of this decision, Pekao OFE will be dissolved and its assets transferred by October 12. The decision follows PZU takeover of lender Pekao BP. Polish law forbids one entity to hold ownership of stakes in more than one OFE pension fund.