The merger of Pekao and PZU must wait. Reorganization of the group postponed until the end of 2027

Bank Pekao and PZU have agreed on changes to the term sheet regarding the reorganization of the PZU and Pekao group – the bank said in a statement. According to the annex, the parties' intention is to complete the potential transaction by December 31, 2027.

The term sheet concerns the preparation and implementation, assuming appropriate legislative changes: the division of PZU leading to the separation of PZU's operating activities (including insurance and reinsurance activities) into a 100% company. subsidiary of the holding company PZU, and then the merger of PZU, as the acquired company, with Bank Pekao, as the acquiring company.

The annex provides that the term sheet will cease to apply, in particular, if the publication in the Journal of Laws of legislative changes specified by the parties, enabling the potential transaction, does not take place by the end of December 2026 and their entry into force does not take place by the end of April 2027. (PAP Biznes)

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