Pekao planning to restructure its leasing units through sell-offs and mergers

Bank Pekao S.A. is expected to announce the merger of its leasing units, Pekao Leasing of Warsaw and PBG Leasing of Lodz in the next few days. If the merger goes ahead, the new company will control between 3% and 4% of the Polish leasing market. After the merger, the head office of the new firm would be in Lodz while the boardroom would remain in Warsaw. Pekao also owns substantial stakes in BDK Daewoo Leasing and Polski Leasing Przemyslowy (PLP) and says Jacka Kozlowski of Pekao, the stakes in PLP could be sold off presumably to Deutsche Leasing AG. (Rzeczpospolita, page B5)