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Pekao unlikely to change strategy, stake buyer PZU says
December 8, 2016 / 9:59 AM / a year ago

Pekao unlikely to change strategy, stake buyer PZU says

WARSAW (Reuters) - Polish bank Pekao SA PEO.WA is unlikely to change strategy as a result of Italy’s UniCredit (CRDI.MI) selling its 33-percent stake to insurer PZU PZU.WA, the buyer’s chief executive officer said on Thursday.

People walk in front of the PZU headquarters in Warsaw, Poland March 30, 2015. REUTERS/Kacper Pempel/File Photo

UniCredit on Thursday agreed to sell the stake to state-run PZU and Polish fund PFR for $2.6 billion.

    PZU CEO Michal Krupinski also said that he saw the investment in Pekao as lasting at least 3-5 years.

    “We assume that Pekao will be paying out maximum dividends,” Krupinski also said, adding that PZU itself would be able to pay out more than 50 percent of its 2016 profit as dividends.

    Krupinski said that PZU will not return to talks about buying Raiffeisen Polbank after Austria’s Raiffeisen (RBIV.VI) said on Wednesday that it had ended talks with PZU’s Alior Bank ALRR.WA on selling its Polish unit.

    Reporting by Marcin Goclowski; writing by Agnieszka Barteczko; editing by Jason Neely

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