WARSAW Dec 8 Polish insurer PZU and
Polski Fundusz Rozwoju (PFR) have agreed to buy a combined 32.8
percent stake in the country's No.2 lender Bank Pekao SA
from Italian UniCredit for 10.6 billion
zlotys ($2.58 billion), or 123 zlotys per share, PZU said.
PZU will buy a 20 percent stake in Pekao and PFR 12.8
percent, which will give state-controlled entities effective
control over the lender.
"The transaction will be conducted in two stages. In the
first one PZU will buy 100 percent in a company which owns 20
percent of bank's shares, while PFR will buy at the same moment
10 percent of shares directly," PZU said in a statement.
Later PFR will buy another 2.8 percent of shares.
Polish ruling conservative party Law and Justice (PiS),
which took power more than a year ago, pledged to increase a
share of Polish capital in the banking sector presently
majority-owned by foreign investors.
($1 = 4.1085 zlotys)
(Reporting by Marcin Goclowski; Editing by Kim Coghill)