Poland has no privatisation plans; several scenarios for Alior Bank and Pekao

Poland's Ministry of State Assets has no privatisation plans. The management board of listed insurance group PZU is expected to present a plan for the lenders it controls, the merger of Alior Bank and Pekao could be one option, but several scenarios are on the table, state assets minister Jakub Jaworowski told TOK FM radio.

"Under the previous administration, there were attempts to merge Pekao with Alior. This is certainly one possibility. (...)," Jaworowski said.

"I am sympathetic to analyses and numbers. I would like the management board [of PZU - PAP ed.] to show analyses that will clearly show which way to go in order to make it most beneficial for PZU. PZU will present a strategy by the end of the year and a key element of it will be the approach to financial institutions, banks controlled by PZU," he added.

Asked if a merger was possible, he replied: "I don't know, I don't want to prejudge. There are several scenarios on the table."

In a recent interview with Jakub Jaworowski, published by PAP Biznes, the state assets minister reported that having two banks in the group was problematic for PZU and caused many challenges.

He said that PZU's board will propose in its strategy what to do with Pekao and Alior Bank. The minister stipulated that it is difficult to imagine increasing the Treasury's stake in the banking sector.

"I said that we are dealing with an unusual situation compared to similar insurance institutions in the world, because as a rule large insurers do not own large banks," Jaworowski said on Thursday.

The minister announced that there are currently no privatisation plans.

pel/ ao/ han/