US-insurer with 5% stake in Pekao Bank

US insurance company Massachusetts Mutual Life has increased its stake in Bank Pekao to 5.35 percent making it the third biggest shareholder of the bank. The market filing did not specify how many stocks and when, the Massachusetts Mutual Life acquired, as listed companies in Poland are required to post new shareholder data when their stock exceeds the 5 percent threshold. In December last year, Poland's state-controlled insurer PZU along with the state-run investment vehicle Polish Development Fund (PFR) signed a contract to buy controlling, 32.8 percent stake in Bank Pekao from Italian Unicredit. The former owner will control 7.3 percent stake through the sale of secured equity-linked certificates.