October 24, 2017 / 7:19 AM / in 2 months

Poland's PFR fund raises concerns over potential Pekao-Alior merger

WARSAW, Oct 24 (Reuters) - A potential merger between Poland’s Bank Pekao SA and smaller peer Alior Bank might not benefit Pekao shareholders, a top shareholder said on Tuesday.

“I‘m sceptical regarding this idea ...I have doubts. From the point of view of the strategy for Pekao SA it would be better for the bank to concentrate on investment in IT rather than blocking itself in a merger,” Pawel Borys, chief executive officer of the PFR fund told Reuters.

“I doubt if synergies from such a merger would be beneficial for Pekao shareholders.”

PFR holds a 12.8 percent stake in Pekao. (Reporting by Marcin Goclowski; editing by Jason Neely)

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