Record profit for Pekao, but attention is focused on the operation with PZU. President Stypułkowski comments
During the press conference, the management board of Bank Pekao also addressed questions about the transaction announced in June 2025, which would result in the creation of a banking and insurance group headed by the bank. Today it is the opposite: PZU controls the bank, having 20 percent. Pekao shares (another 12.8 percent is held by PFR).
The transaction would consist in dividing PZU into a holding company and an operating company, and then merging the holding company into Pekao. The goal is to obtain capital relief worth PLN 15-20 billion. This is a “pre-emptive” step intended to protect the insurer against the draining of its capital surplus as a result of the change in Solvency II requirements, scheduled for early 2027. The reorganization would be a major operation: PZU and Pekao are currently valued at PLN 59 billion and PLN 60 billion, respectively.
The information was a surprise, because although PZU had been signaling for several months that it wanted to transform into a holding company, a simpler operation was expected, proposed by Andrzej Klesyk (the then head of the insurer), which would consist only in transforming the PZU Group into a holding company.
However, recent information and decisions indicate that preparations are delayed. It seems that political problems may also be a factor. In December, PZU and Pekao announced that they were continuing work on the reorganization of the PZU Group, and the deadline for the potential transaction was extended to December 31, 2027 from June 30, 2026 due to the ongoing legislative process (four acts require changes, which will mean the need to obtain the president's support and signature).
The key condition is legislative changes
Cezary Stypułkowski, president of Bank Pekao, assessed that his institution is prepared for the announced capital reorganization in the group. He emphasized that, in his opinion, the transaction makes sense from the shareholders' point of view.
— I am in constant contact with President Benczak (Bogdan Benczak, president of PZU – ed.). Work is underway there regarding the separation, and this is their domain, so I will not comment on this matter, but it is a condition of the entire transaction. Another condition is the issue of legislation. It seems that from the point of view of the implementation trajectory, we are basically ready for what it could look like, but as President Benczak said, the condition is, of course, legislation – said Cezary Stypułkowski during the conference.
See also: The grand plan for PZU and Pekao is in question. The fiasco threatens stagnation and the end of generous dividends
— We have prepared the structure of the transaction and the final decision will rest with the shareholders. Political aspects, because there is this aspect in the background of the question, it is difficult for us to judge. I believe that the transaction makes great sense from the shareholders' point of view and creates value, but we live in the here and now and they must be taken into account. The dialogue is ongoing, added the president, answering journalists' questions.
Minister of State Assets on the operations of PZU and Pekao
At the beginning of February, the Minister of State Assets, Wojciech Balczun, announced that he was waiting for the final recommendations regarding the announced capital reorganization of PZU and Bank Pekao.
– It seems to me that we are already at the end of the work. We take into account all the elements and aspects of such a decision. However, I would not like to create the impression that the final scenario is already a foregone conclusion, because in such key and serious projects it is natural to limit all risks. We need to take into account all contexts and be prepared for negative developments, Balczun emphasized.
He added that MAP is aware of the capital requirements and knows what the entry into force of Solvency II regulations means for PZU and that preparations for this are underway. – At the same time, we are aware that if the baseline scenario is implemented, it will be necessary to amend four acts, and this is a process that goes beyond the issues relating to these two companies and takes the discussion to another level – he added. He emphasized that if the baseline solution is not successful, alternative scenarios are considered.
