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Bank Pekao SAUPDATE: PZU 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. One scenario under consideration is that the reorganisation would involve Pekao acquiring PZU's shares in Alior Bank.
"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.
On Monday, PZU published its strategy for 2025-2027. In the presentation, the insurer said that the sale of Alior bank 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 showed 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.
pel/ ao/
