Profil:
Bank Pekao SABank Pekao finalized take-over of asset manager Pioneer, will book PLN 400 mln profit at group level
Bank Pekao finalized purchase of the remaining 51% stake in its asset manager Pioneer Pekao Investment Management S.A. from former parent Unicredit in a EUR 138 mln deal that will add PLN 400 mln to the 2017 group P&L on a revaluation of the existing stake, Pekao said in a market filing.
The purchase will reduce the CET1 solvency ratio by approximately 0.4 ppt on the group level after allocation of the accounting profit to equity, management said. The impact on the parent bank P&L is neutral, management added.
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