Pioneer Pekao to increase market share with acquisitions

Pension Fund Pioneer Pekao has announced plans to continue its strategy of expansion through acquisitions following a string of takeovers of open funds including, Epoka, Rodzina and Pioneer. The move is strongly supported by its shareholders, the Pekao bank and Pioneer Global Asset Management. "We want to triple the number of our clients. Pekao's pension fund could have the same market share as its Polish owner in the retail banking sector," said company president Tomasz Bańkowski. Currently Pioneer Pekao controls 1.6% of the market. Bańkowski revealed that he has already spotted some companies from the sector that are willing to consolidate. He went on to say: "We are planning to take over funds, which will allow us to increase our share to between 6 and 8%." He believes that a price of zł.500-600 per policy is an acceptable price to pay and guarantees the right return on investment. (Puls Biznesu, p. 7) A.K.