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Name | Symbol | Market | Type |
---|---|---|---|
Powszechny Zaklad Ubezpieczen SA (PK) | USOTC:PZAKY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.038768 | 8.81 | 13.27 | 0.00 | 21:00:53 |
By Martin M. Sobczyk
WARSAW--Poland's largest insurance company PZU SA (PZU.WA) and a Polish government vehicle have agreed to buy a combined 32.8% stake in the country's second-largest bank by assets from Italy's UniCredit SpA (UCG.MI), PZU said on Thursday.
PZU will buy 20% of Bank Pekao SA (PEO.WA) while the fund PFR will buy 12.8% for 123 zlotys a share, bringing the total price for the controlling stake to 10.59 billion zlotys ($2.57 billion). Pekao on Wednesday closed at PLN120.50 a share.
PZU is controlled by the Polish government, its single-largest shareholder. PFR is a government entity created to help large Polish companies expand.
The transaction will reduce foreign ownership in the Polish banking sector. About 60% of it is now in the hands of foreign banks, mostly from the eurozone.
The sale will help the Italian lender shore up its finances as it prepares a new strategic plan to be announced in December. UniCredit said Thursday that it will sell its remaining 7.3% in Pekao on the stock market. The sale will boost UniCredit's Cer1 ratio by 55 basis points, it said.
-Write to Martin M. Sobczyk at martin.sobczyk@wsj.com
(END) Dow Jones Newswires
December 08, 2016 02:59 ET (07:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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