MAP: Changing the President of PZU does not affect the PZU merger plans with Bank Pekao

The change in the position of the President of PZU does not affect the PZU merger plans with the Pekao Bank – the Ministry of State Asset informed PAP Biznes.

“A change to the president's position does not affect the projects implemented by the company,” MAP Communication Department informed PAP PAP, asked if the changes in the management board do not cross out the plans of PZU's merger with Bank Pekao.

On Thursday, the PZU supervisory board dismissed Andrzej Klesyk from the function of the president. Tomasz Tarkowski will temporarily take over the duties of the company's head.

The resolution of the supervisory board itself entered into force when she was taken and did not contain information about the reasons for the dismissal of Klesyk. However, the Ministry of State Asset, which supervises PZU, reported in a communication that the application for appeal was justified by the need to adapt the company's management policy to ownership purposes and the need for more effective implementation of the development strategy.

Earlier, the media unofficially reported that the ministry of state assets submitted to the dismissal of Klesyk.

The Supervisory Board also adopted a resolution on the initiation and conduct of qualification procedure to the president of the company. The deadline for accepting applications will expire on September 5.

At the beginning of June, PZU and Bank Pekao signed a cooperation memorandum to make a merger. According to this agreement, the new group would be at the forefront of the bank, not the insurer. To achieve this, it will first be necessary to divide PZU by separating the holding company and in 100 percent. A company that has been dependent on her operating activities in the field of property and other personal insurance. Then the PZU holding company would be connected to the Pekao bank as a acquiring entity.

Ultimately, Bank Pekao would be listed on the WSE, and PZU shareholders would receive Pekao shares currently owned by PZU, as well as the newly broadcast shares of the bank. After the entire transaction, the participation of the Treasury in the new entity would be about 27 percent. (PAP Biznes)

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