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Bank Pekao SAPoland's MinFin wants to resume work on draft law enabling PZU-Pekao merger
Poland's Ministry of Finance requests that work on the draft law enabling the merger of listed insurance group PZU and listed lender Pekao be resumed; submits an auto-amendment, requesting the matter to be considered at the next meeting of the standing committee, according to a letter from the ministry to the secretary of the Council of Ministers' Standing Committee.
On September 25, Poland's Finance and Economy Minister Andrzej Domanski told PAP Biznes that the ministry asked for the work on the draft law enabling the merger to be suspended as it wanted to clarify technical issues. He stressed that the draft has not been withdrawn from consideration, announcing that its approval by the government is planned for the fourth quarter of 2025.
The auto-amendment stipulates, among other things, that information about the division of a domestic insurance company and the right of policyholders to terminate their insurance contracts will be published in a national newspaper or on a website by both the acquiring domestic insurance company and the domestic insurance company created as a result of the division.
At the beginning of June this year, PZU and Pekao signed a memorandum of cooperation concerning the reorganisation of the group, resulting in the division of PZU by separating the holding company and the subsidiary conducting operational activities. Subsequently, the PZU holding company will be merged with Bank Pekao as the acquiring entity.
At the turn of July and August, the Ministry of Finance prepared a draft bill aimed at enabling the planned merger of part of PZU SA with Pekao SA.
The draft stipulates, among other things, that if the acquirer is a domestic bank, the merger may only be carried out by transferring all the assets of the acquired company to the acquiring bank in exchange for shares or stocks that the acquiring bank issues to the members or shareholders of the acquired company.
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