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UniCredit close to selling stake in Pekao to Polish insurer: WSJ
October 14, 2016 / 8:02 PM / a year ago

UniCredit close to selling stake in Pekao to Polish insurer: WSJ

WARSAW (Reuters) - Italy’s UniCredit (CRDI.MI) is close to selling most of its controlling stake in one of Poland’s largest banks to state-run insurer PZU PZU.WA for nearly $3 billion, the Wall Street Journal reported on Friday, citing sources.

The logo of Unicredit bank is seen outside of one of its UniCredit unit Bank Austria branch offices in Vienna, Austria, September 18, 2016. REUTERS/Leonhard Foeger

The paper said the two companies had agreed on key parameters, including an 11-billion-zloty ($2.88 billion) price tag for about 30 percent in Pekao SA bank, according to people familiar with the matter.

Two sources, speaking on condition of anonymity, confirmed to Reuters that a deal was almost done but declined to give details. UniCredit and PZU declined to comment.

Poland’s government is seeking to increase its control over the country’s banking sector as part of its broader ambition of having more say in the economy.

Reporting by Pawel Florkiewicz and Anna Wlodarczak-Semczuk in Warsaw, Gianluca Semeraro and Paola Arosio in Milan; editing by Susan Thomas

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