PZU bought 25 percent. Alior Bank shares (description) – Virtual Poland

bought 25 percent of PZU. Alior Bank shares – said on Saturday the president of PZU, Andrzej Klesyk. The transaction value is 1.6 billion. To complete the transaction still needs the consent of the KNF and UOKiK.

“This is a landmark day in the history of PZU (…) Today’s transaction is the first step towards consolidation of the Polish banking sector involving the PZU” – said Klesyk.

PZU wants to buy shares in the following entities and create a bank that would be in the top five banks in terms of assets in Poland. In this institution, PZU would have a significant interest, but not a majority. The President had admitted that PZU authorities are interested in buying shares in the next two entities, but due to a signed confidentiality agreement can not reveal that. Also he assessed that currently on the market are four banks, which in the near future will be sold.

warned that PZU intention is not creating banking and insurance group. “This transaction with our purely financial point of view. We want to make money for our shareholders. And this is a transaction in which we see significant growth potential value” – said Klesyk. “In the current market situation, we see banks that need to sell or be sold. We see the opportunity to be a catalyst for the consolidation of the banking market in Poland” – he explained.

In this regard, PZU will not connect with Alior Bank, however, it plans to sell its products through the network of the bank. The investment also will not affect the amount of the dividend for 2014. The Board will recommend payment of dividend at 30 zł per share, in total will be approx. 2.5 billion zł.

PZU indicates that the Polish banking sector is the largest in the region of Central and Eastern Europe, having assets of over 339 billion. Profitability of banks in Poland remains at a relatively high level shaping up above the average for countries in the region.

Treasury Minister Wlodzimierz Karpinski said in a statement sent to the media that supports the acquisition of shareholding in the Alior Bank. The Treasury owns 35 percent. PZU shares. “I hope that this is just the beginning for further consolidation of the sector around the bank, based on Polish capital,” – said Karpinski.

“After years of importing capital and know-how from foreign banks repolonizację came time for the financial sector, ie the use of Polish capital in its consolidation and value creation. We use and we will seize new opportunities to take over from withdrawing investors securities of foreign bank assets, “- he added.

The PZU Group is one of the largest financial institutions in Poland and Central and Eastern Europe. In addition to the insurance business group also manages the open pension fund, investment funds and savings programs. In 2013. PZU earned 3.3 billion zł.