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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.

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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.

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