Pekao with KNF approval for Pioneer Pekao PTE takeover

WSE-listed lender Pekao secured Financial Supervision Authority (KNF) approval to take over 7,266 shares in Pioneer Pekao PTE pension fund from Pioneer Global Asset Management, KNF said in a market filing. This is the first hurdle to clear a bigger, €140 million deal for Pekao to purchase 51 percent stake in Pioneer Pekao Investment Management asset manager, which includes a 35 percent stake in Pioneer Pekao PTE. 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. The deal was signed back in June.