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UniCredit's sale of Pekao stake to have no FX market impact
December 8, 2016 / 8:04 AM / a year ago

UniCredit's sale of Pekao stake to have no FX market impact

WARSAW, Dec 8 (Reuters) - Italy’s UniCredit will receive the payment for its 33-percent stake in Polish bank Pekao in zlotys, which it will exchange into euros at state bank BGK and not on the market, said the head of Polish fund PFR, which is buying the stake with insurer PZU.

“We would like the exchange to take place with the participation of BGK, which has an open line in the central bank. We’re paying UniCredit in zlotys and UniCredit will exchange them into euros not on the market,” PFR CEO Pawel Borys told Reuters.

PFR and PZU will pay 10.6 billion zlotys ($2.57 billion) (2.39 billion euros) for the stake.

If the payment is conducted not on the market it will not influence the zloty rate, analysts said.

(1 euro = 4.4373 zlotys)

$1 = 4.1227 zlotys Reporting by Marcin Goclowski; editing by Jason Neely

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