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Bank Pekao SAPZU insurer and Pekao lender to cooperate in group reorganisation; merger planned
Listed insurance group PZU and listed lender Bank Pekao have signed a memorandum of cooperation, providing for the establishment of a joint project to prepare a transaction involving the demerger of PZU leading to the spinoff of its operating business into a 100-percent PZU's subsidiary, resulting in PZU transformation into a holding company, and the subsequent merger of PZU, as the acquired company, with Pekao, the groups said in market filings.
According to the memorandum, it is the intention of the parties to complete the potential transaction, i.e. the merger of Bank Pekao and PZU, following the spinoff of its operations, by June 30, 2026.
"The parties anticipate that the potential implementation of the potential transaction could result in the release of significant capital surpluses of the group, estimated at between approximately PLN 15 billion and approximately PLN 20 billion, compared to the capital adequacy and solvency requirements that would have to be applied from 2027 onwards (due to the amendment of the Solvency II Directive) in the current group structure," the groups said in their market filings.
As stated, the parties also agreed to work out the optimal strategy in relation to the future of listed lender Alior Bank while working on the potential transaction.
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