PZU plans no new banking acquisitions

Poland's largest insurer PZU is not planning any new acquisitions in the banking sector, however its banking units might be, company’s CEO Paweł Surówka said in an interview with the Polish Press Agency (PAP). “At this stage of our development, we have satisfied our appetite for acquisitions in the banking sector. Now the main goal is to build adequate mechanisms, procedures and resources to reap benefits stemming from the takeover of Alior Bank and Pekao,” Surówka said. “As the biggest shareholder of both banks we will analyze such opportunities if they arise. However, the decision will be made by the management of a given bank, not by us,” Surówka explained. Back in 2016, Polish insurer PZU and Polish Development Fund PFR agreed to buy 32.8 percent of Bank Pekao shares from its owner, Italian UniCredit for PLN 10.6 billion. The remaining UniCredit stake in the second biggest Polish lender (7.3 percent) will be sold on the market via equity-linked certificates.