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Bank Pekao SAPZU insurer signs letter of intent with Pekao bank to reorganise banking assets within group
Listed insurance group PZU has entered into a letter of intent with listed lender Pekao to reorganise banking assets within the group, the company said in a market filing.
"It is the intention of the parties to engage in discussions and activities to develop a target structure for the reorganisation, taking into account the interests of the parties as well as their stakeholders, including minority shareholders. The goal of the reorganisation is to achieve financial and management synergies that increase value for PZU and bank shareholders. Accordingly, the parties will conduct an analysis of the optimal structure and implementation scenario to the extent that the bank would participate in it," PZU said in the market filing.
"One of the scenarios under consideration assumes that the reorganisation would involve the bank [Pekao - PAP ed.] acquiring the Alior Bank shares held by PZU for cash," it added.
According to PZU, currently the parties have not yet made any binding decisions regarding Pekao's potential acquisition of Alior Bank shares from PZU.
"The letter of intent is not binding on the parties, nor does it imply a commitment to reorganise or implement any scenario," the company reported.
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