– The process regarding the so -called Danish compromise is in the scope of boards of both entities, i.e. Pekao and PZU. Control committees work. We have very limited access to information. The same as other shareholders, because these are the rules. We are waiting for the recommendations and the result of these works – said Balczun, when asked about the merger of Pekao and PZU.
– What will be the final model that will be accepted will depend on the recommendations we get. We will analyze them very retail. And my task is in this process, if it comes to it, secure the interests of the Treasury – added in an interview with Mikołaj Kunica, the editor -in -chief of Business Insider Polska.
Balczun also indicated that you need to develop a script in case President Karol Nawrocki did not agree to the fusion, because for it to happen, the provisions of four acts must be changed.
– I am aware that this potential transaction is reference. She will be quite precedent on such a scale, if of course it occurs. However, what I expect is to present various variants and various scenarios, because we must also be prepared for such a variant that legislative issues that are necessary in this process will not obtain the acceptance of the president He pointed out.
– As for the issues of assessing this by the market or regulator, we have rather positive signals. So, for example, KNF applies quite positively to the fact that serious capital will be released, which can definitely increase the credit action. However, what we expect from one and the other management as maps, i.e. the preparation of variants in such a way as to be prepared for a script in which we will not be able to apologize to the end of legislative issues – he added.
What is the chosen Pekao-PZU transaction
At the beginning of June, PZU and Bank Pekao signed a cooperation agreement, which will ultimately lead to the reorganization and increase in the efficiency of the capital group. The new group is to be the head of the bank, not – as before – the insurer. As reported, the effect of reorganization may be the release of a capital surplus of PLN 20 billion.
In order for the PZU and Bank Pekao transaction to be successful, it will 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 newly broadcast shares of the bank. At the beginning of August, the president of Bank Pekao Cezary Stypułkowski said that the conditions for exchanging the action may be known at the end of the first or at the beginning of the second quarter of next year. In his opinion, the entire transaction will end at the turn of the first and second half of next year. After the entire transaction, the participation of the Treasury in the new entity would amount to about 27 percent.
Unexpected appeal of the President of PZU
At the beginning of August, the current president of PZU Andrzej Klesyk was dismissed from the function, and his duties were temporarily taken over by Tomasz Tarkowski. The Ministry of State Asset has argued the dismissal of Klesyk by the need to adapt the Company's management policy to ownership purposes and the need for more effective implementation of the development strategy. It also assured that “it does not affect the projects implemented by the company.”
The Capital Group of the Universal Insurance Company is the largest financial institution in Poland and Central and Eastern Europe. The group is headed by PZU – a listed company. The group includes, among others: PZU Życie, Link4 TU, TUW PZUW, Alior Bank, Bank Pekao. The group manages about PLN 300 billion of assets and provides services to approx. 22 million clients in five countries. The State Treasury in PZU has about 34.2 percent action.
Bank Pekao was founded in 1929 and is one of the largest financial institutions in the region of Central and Eastern Europe and the second largest universal bank in Poland. The bank's net profit in the first half of this year reached PLN 3.29 billion.
