PKO BP denies merger plans with Pekao

WSE-listed, state-owned lender PKO BP denied media reports that it will merge with another state-owned, WSE-listed Pekao. “It is not true that PKO BP has participated in talks regarding the possibility of merging PKO BP with Pekao. PKO BP is not working on any projects regarding the suggested merger,” PKO BP said in a statement. The Treasury owns 29.4 percent of PKO BP and 32.8 percent of Pekao and has the majority of votes in the lenders Supervisory Boards. PKO BP and Pekao have 9.4 million and 5.4 million clients respectively and would control 34 percent on the Polish market if the merger would go through. On Friday, daily Parkiet said that both banks are working on the merger with Pekao’s CEO Michał Krupiński being the frontrunner for the top seat in the new bank.