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BRIEF-Pekao to book 400 mln zloty gain on Pioneer unit share purchase
June 2, 2017 / 6:32 AM / 4 months ago

BRIEF-Pekao to book 400 mln zloty gain on Pioneer unit share purchase

June 2 (Reuters) - Bank Polska Kasa Opieki S.A. (Bank Pekao S.O.):

* Poland’s second largest bank, the state-run Bank Pekao, says it has signed a preliminary deal to purchase 51 percent of shares of the Polish unit of asset manager Pioneer Global Asset Management, Pioneer Pekao Investment Management (PPIM), for 140 million euros ($157 million)

* After the transaction, which requires regulatory approval, Bank Pekao will own 100 percent of shares of asset manager PPIM, which offers an array of investment funds to its clients

* Bank Pekao says transaction will result in a one-off gain to its consolidated profit and loss statement worth 400 million zlotys ($107 million), due to the revaluation of the 49 percent stake in PPIM that Bank Pekao already had before the transaction

* “aiming at strategic strengthening of the position on asset management market, perceived as having attractive growth prospects, on 1st of June, 2017, the Bank ... has signed with Pioneer Global Asset Management S.p.A. ... preliminary share purchase agreement regarding 14,746 shares of Pioneer Pekao Investment Management S.A. with its registered seat in Warsaw (”PPIM“),” Bank Pekao says in statement

* The purchase price for 51 percent of PPIM includes the price for 35 percent of shares of Pekao Pioneer PTE pension fund, Bank Pekao says Source text for Eikon: Further company coverage: ($1 = 0.8914 euros) ($1 = 3.7380 zlotys) (Reporting by Marcin Goettig; editing by Alexander Smith)

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