PZU with green light to acquire Alior Bank

Polish anti-monopoly watchdog UOKiK has approved the acquisition of Alior Bank by state-controlled insurer PZU, the media reported. PZU purchased 25.25 percent stake in commercial lender Alior Bank from its lead shareholder Carlo Tessara for PLN 1.635 billion. Andrzej Klesyk, CEO of PZU, said that Alior Bank is "one of the most interesting bank assets in Poland and Europe" and will remain so."The purchase of Alior is a first step in a process which I hope in coming eighteen months to two years in Poland [will be the] consolidation of the banking sector," said Klesyk. "I hope we will create a bank that will have aspirations to the top five in Poland." The insurer revealed that it plans further purchases and is in talks to acquire two more banks with one of the deals expected to being closed before the end of the year. Raiffeisen Polbank and GE unit BPH are known to be on the auction block. PZU had submitted an offer to purchase Polish unit of Raiffeisen Bank International (RBI) which is worth below its book value, Reuters reported in July.