PZU SA jointly with PFR takes over a 32.8% stake in Bank Pekao from Unicredit

PZU jointly with PFR signed an agreement with UniCredit S.p.A. for the purchase of 32.8% of the shares of Bank Pekao S.A. for a total amount of PLN 10.6 bn. The purchase price per share is PLN 123. This makes it one of the largest transactions in the European banking sector in recent years. The acquisition of Pekao’s shares is in line with PZU’s strategy until 2020, which assumes building a banking group with at least PLN 140 bn in assets and accumulating PLN 50 bn of third party AuM. PZU and PFR will cooperate in order to ensure the effective implementation of Pekao’s development strategy, preserving the low-risk profile of the bank, its strong profitability and a stable, long-term dividend policy.