UniCredito Italiano completes its takeover of Pioneer Group and subsidiaries

UniCredito Italiano, the second largest bank in Italy and the majority shareholder of Bank Pekao S.A., has completed its takeover of the Pioneer Group. The deal means that UniCredito now controls Polish subsidiaries of Pioneer, investments fund PPTFP Pioneer, and pension fund PTE Pioneer. According to unofficial information, the former will be merged with the TFI Pekao/Alliance fund. As of the end of September the two funds managed combined assets of zl. 1.28 billion, giving them 22% market share. The Pioneer pension fund will likely also merge with the PTE Pekao/Alliance fund, as Polish law does not allow one entity to hold stakes in two or more pension funds. (Rzeczpospolita, p. B5)