PZU signed a preliminary agreement to acquire 25.25 per cent. Action
Alior Bank for 1.63 billion. PZU wants to consolidate the banking sector and create
a bank that would be in the top five largest in Poland in terms of size
assets. PZU hopes that by the end of next year to buy shares in the bank -
CEO of PZU.
“It is not our intention to be a group of insurance and banking, it is
only financial transaction – we want to earn for our shareholders.
Here we see high growth potential values ”- said on Saturday
Conference Andrzej Klesyk, CEO of PZU.
“No we do not anticipate purchasing synergies. The only potential
cooperation with Alior Bank will be based on the fact that we want to
distribute our products through branches Alior Bank “, – he added.
Saturday’s agreement to the effect of a prior commitment Carlo Tassara,
the largest shareholder of the bank. He committed himself in front of the Financial Supervision Authority to
the sale of its 25 percent. package by mid-2016.
The agreement covers 18,318,473 shares of Alior Bank. Price for one acquired
the bank’s share will amount to 89.25 zł. At the close of Friday’s session, bank shares
They were worth 92.96 zł.
The acquisition of shares is to take place in three tranches.
The first tranche of 6,744,900 shares of PZU buy a bank owned by
Alior Lux and 500,000 shares owned by Alior Poland, in the second tranche
buy 7,244,900 shares owned by Alior Bank Lux, while the third
PZU tranche will buy 3,828,673 shares owned by Alior Lux.
The completion of subsequent tranches will be carried out after 70 days of the end of the previous installment.
The agreement was concluded subject to obtaining required approvals by
KNF, the OCCP and the Antimonopoly Committee of Ukraine. In the case of
not receiving approvals until 31 March 2016. contract expires.
The CEO said that after the acquisition of 25 percent. no stake in PZU
He wants to increase involvement in Alior Bank and not perform call
the remaining shares in the bank.
“There is no intention of making any tender offer for Alior Bank, not
no intention to increase its involvement in Alior Bank “, -
Klesyk said.
“I hope that the deal with Alior will be finalized this year,” – he added.
PZU consolidate BANKS WANTS
President Klesyk said that Saturday’s deal is not the end
purchases of bank assets and the insurer wants to create a bank that
would be in the top five banks in Poland in terms of assets.
PZU is gearing up for acquisitions
State insurer is the undisputed market leader. Only in the first quarter profit of PZU it amounted to nearly 1 billion zł. It is no secret that the state giant sleeping on the money.
It has long been said about the possibility of purchase by PZU bank or other financial institution. Political expectations lean towards the first option – with rumors that PZU might be interested in Alior (belonging to Italians), the acquisition of Polbank and Raiffeisen Bank BPH. Stock split would facilitate the eventual settlement of the transaction. For the market a clear signal that comes into play serious company with a huge capital.
Read more …
“We want to create a bank that would be in the top five of assets” – 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 consolidation
banking market in Poland “- he added.
He said he hoped that by the end of PZU shares to buy another bank, and talks on this issue with the two.
“You will want to buy new banks. We have signed an agreement on maintaining
Confidentiality of the two entities. Banks that will have to sell
there are at least four “- said Klesyk.
“We hope that this year at least one of the transactions will be done” – he added.
The President did not give further details. According to earlier
Information on the sale is exposed Raiffeisen Bank Poland and Bank
BPH.
DOES NOT CHANGE PZU’s dividend policy
The CEO said that the purchase of shares of Alior Bank shall be levied not
the impact on the distribution of profit for 2014 years. The Management Board of PZU recommended earlier
allocation to dividend from the profit earned in 2014, the amount of 2.59
zł billion, or 30 zł per share.
“The Board does not intend to withdraw from the recommendation on distribution of profit for 2014 years” – said Klesyk.
The President announced that at the end of the year will present new policy
dividend, however, potential, further purchases of banks should not have
her influence.
“It is not our intention radical change in dividend policy.
Enter Solvency II and still do not know how they will look adjustments.
It can be expected that at the end of the year, we will recommend policy
dividend “- said Klesyk.
SME SUPPORTS THE PLANS PZU
The Treasury Ministry announced on Saturday that it supports
the acquisition by PZU stake in Alior Bank. The Treasury has now
approx. 35.2 percent. PZU shares.
“As a shareholder, I support the insurer’s acquisition of stake
Alior Bank, one of the most dynamically developed in Poland
financial institutions. I hope that this is just the beginning for
further consolidation of the sector around the bank, based on Polish
capital “, – said Vladimir quoted in the statement Karpinski,
Minister of State Treasury.
According to the Minister it came time to repolonizację financial sector.
“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 building value “- believes
Karpinski.
“We use and we will seize new opportunities to
taking over from foreign investors withdrawing valuable
bank assets, “- he added. (PAP)
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