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Bank Pekao SAPZU insurer wants to develop cooperation between Alior and Pekao lenders to find synergies
Listed insurance group PZU does not prejudge what the final solution for the reorganisation of banking assets will be, but wants the boards of listed lenders Alior Bank and Bank Pekao to work out a form of cooperation that will allow synergies to be found, PZU's CEO Artur Olech told a conference.
"The banks' assets do not weigh us down - they were a bit of a challenge, an operating model that was not optimal. (...) The banks in which we have a significant stake (...), we see a lot of synergies in both institutions," the CEO assessed discussing the concluded letter of intent to reorganise banking assets within the group.
"We would like the process to be completed with appropriate agreements, obtaining approvals by the middle of the year, but at the same time we want to leave room for the managements of both banks to focus on core business, to create value for shareholders (...). We are not prejudging what the final scenario will be," he added.
One of the scenarios being considered is that the reorganisation will involve Pekao acquiring the shares in Alior Bank held by PZU.
"The form of cooperation, finding synergies is part of the work of the banks' management boards in the perspective of the year and [in terms of] which direction we should go," the CEO said.
"I think that the solution that will be worked out will be good for all shareholders," he added.
As CEO Olech explained, the group is pursuing the goal of reducing complexity as part of its strategy. The group wants to use part of the capital released as a result of the transaction for its core business.
On Monday, PZU published its strategy for 2025-2027. In the presentation, the insurer said that the sale of Alior shares to Pekao is planned to generate value for the PZU group and other shareholders of both banks. As stated, a cash settlement is envisaged.
PZU's presentation indicated that a sale and purchase agreement is planned to be signed in the first half of 2025, with a target value generation model to be developed by the end of 2025.
PZU stated that the capital released can be used to develop the group's business and transform the economy. The investment directions listed are: development of strategic partnerships in Poland and abroad, including distribution, bancassurance and embedded insurance; development of the health area; participation in financing the transformation of the Polish economy.
In addition, according to PZU, the simplification of the group's structure will increase transparency for investors and simplified governance.
The PZU group owns 31.91 percent of Alior Bank's share capital.
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