POST Online Media Lite Edition



 

UniCredit sells control in Poland's Pekao for $2.57 billion

Staff Writer |
Poland's largest insurance company PZU and a Polish government vehicle have agreed to buy a combined 32.8% stake in the country's second-largest bank by assets from Italy's UniCredit.

Article continues below






PZU will buy 20% of Bank Peka while the fund PFR will buy 12.8% for 123 zlotys a share, bringing the total price for the controlling stake to 10.59 billion zlotys ($2.57 billion).

PZU is controlled by the Polish government, its single-largest shareholder. PFR is a government entity created to help large Polish companies expand.

The sale will help the Italian lender shore up its finances as it prepares a new strategic plan to be announced in December.

UniCredit said that it will sell its remaining 7.3% in Pekao on the stock market. The sale will boost UniCredit's Cer1 ratio by 55 basis points, it said.


What to read next

UniCredit shareholders back record 13 billion euros cash call
UniCredit to sell Ukraine business to ABH Holdings
UniCredit says data attack involved 400,000 clients