PZU in talks to buy Pekao

Poland’s state-owned insurer PZU admitted that it is in talks to purchase a “significant” stake in Bank Pekao from Italian Unicredit. State-run development fund Polskie Inwestycje Rozwojowe is PZU’s consortium partner in the deal. The Wall Street Journal reported on Friday that PZU and UniCredit had agreed on key aspects of the deal, including a PLN 1 billion price tag for about 30 percent of Bank Pekao.