PZU and PFR finalize Pekao takeover

State-owned insurer and state investment vehicle PFR finalized the takeover of Pekao from UniCredit. Both entities acquired 32.8 percent stake in Poland’s second biggest bank for PLN 10.6 billion in a deal signed in December last year. “This is a historic moment. By completing the acquisition of Bank Pekao, PZU becomes the largest financial group in the CEE region, and the leader in both the insurance and banking sectors and in asset management. I am confident that or cooperation will be good. It is a very large entity with a wide range of activities, with extensive distribution network and good customer relations,” PZU CEO Paweł Surówka said. PZU has taken over 20 percent stake, while PFR will have 12.8 percent stake in Pekao.