State Treasury backs takeover of Pekao

Treasury Minister Dawid Jackiewicz said Poland should increase its engagement in the banking sector and use the "unique possibility" to take over Unicredit's unit Pekao SA. Earlier, Finance Minister Paweł Szałamacha said state-owned insurer should acquire the lender at a "fair price." According to media reports, the transaction should be concluded by the end of October, and the price would stand at around €3-3.5 billion.