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Bank Pekao SAPZU insurer awaits legislative changes enabling group's reorganisation
Listed insurance group PZU, which in the first half of 2025 has begun a reorganisation process aimed at creating a new banking and insurance group through the merger of PZU with listed lender Pekao, is awaiting legislative changes enabling the group's reorganisation, PZU's acting CEO Bogdan Benczak told a press conference following the release of group's quarterly report.
"We are currently awaiting developments in the legislative situation. We are monitoring it and will respond flexibly. At the same time, we are working on the implementation of internal models related to capital management optimisation. We are internally prepared for this and are carrying out such activities," acting CEO Benczak announced at the conference.
"We are prepared for the situation where certain legislative changes will not be implemented, and we will not be able to carry out the Copenhagen project. PZU has a stable solvency and financial situation and continues to be able to implement the dividend policy that was presented together with the strategy," he added.
In June, PZU and Pekao signed a term sheet concerning the reorganisation of the PZU and Pekao group, establishing a project to prepare and carry out the transaction in two steps: the division of PZU, leading to the separation of PZU's operating activities into a company wholly owned by the PZU holding company, followed by the merger of PZU, as the acquired company, with the bank as the acquiring company.
Ultimately, Bank Pekao would be listed on the Warsaw Stock Exchange, and PZU shareholders would receive Pekao shares currently held by PZU, as well as newly issued shares of the bank.
PZU announced that work on the division of PZU and the following merger will be carried out in parallel as far as possible, but the merger will not take place without the prior division of PZU.
The group stressed that any obstacles to the merger of PZU and Pekao will not affect PZU's implementation of the division, which PZU considers desirable by the end of 2026 due to the impact of the Solvency II Directive amendments, coming into force in January 2027.
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