Polish insurer PZU said on Thursday it and Polski Fundusz Rozwoju (PFR) have agreed to jointly buy a 32.8% stake in Pekao SA bank from Italy’s UniCredit, The Polish Radio reports.
Pekao is Poland’s second-largest bank. PZU and PFR, a state-owned financial group that supports economic development, are to pay PLN 10.6 billion (USD 2.58 billion, EUR 2.39 billion) for the stake, for PLN 123 a share, PZU said.
The stake will give Polish state-controlled bodies control in practice over Pekao, the Reuters news agency noted.
Commenting on the move, Deputy Prime Minister and Finance and Development Minister Mateusz Morawiecki said: “The return of Polish capital to the shareholding structure of Pekao bank will certainly contribute to strengthening the stability of the banking sector, and thus the Polish economy.”
Poland’s conservative Law and Justice (PiS) party, which swept to power in October 2015 elections, has vowed to increase the share of Polish capital in the country’s banking sector.