This change was introduced through an annex to the term sheet, which regulates the principles of cooperation between both entities in the context of preparations for reorganization. The plan assumes the division of PZU, as a result of which the company's operating activities (including insurance and reinsurance) will be transferred to a newly established company wholly owned by PZU as a holding company.
Then, PZU is to be merged with Bank Pekao, which would act as the acquiring company. According to the new arrangements, the potential transaction is to be completed by December 31, 2027.
The annex specifies that the term sheet will expire if the necessary legislative changes are not published in the Journal of Laws by the end of December 2026 or if they do not enter into force by the end of April 2027.
Cooperation agreement between PZU and Bank Pekao
It is worth recalling that at the beginning of June, PZU and Bank Pekao signed a cooperation agreement aimed at increasing the efficiency of the capital group. The key assumption of the reorganization is to create a structure in which the bank, not the insurer, will lead the group. Ultimately, one company would be listed on the Warsaw Stock Exchange, and PZU SA shareholders would receive Pekao shares – both those currently held by PZU and newly issued ones.
It was originally assumed that the entire operation would be completed by June 30, 2026. However, the new arrangements extend the time for the project by one and a half years, which is intended to allow for the refinement of all details and to take into account potential changes in the legal environment.
