PZU has signed a preliminary agreement to purchase 25 percent. shares Alior Bank on Saturday. The transaction still requires approval of the market regulator and antitrust clearance. President of the insurer Andrzej Klesyk announced on Saturday that it was not the last bank, whose shares he wants to buy. PZU authorities are interested in buying shares in the next two entities, but due to signed confidentiality agreements, so far do not reveal where. PZU wants to create a bank that would be in the top five banks in terms of assets in Poland.
At the same time the insurer authorities announced that PZU intention is not to create a banking and insurance group, and the transaction is purely financial dimension. It has also left no impact on the division’s profit for last year. The Board will recommend payment of dividend at 30 zł per share, in total will be approx. 2.5 billion zł. Also, the potential acquisition of shares of other banks – as he said the president – should not have to affect the company’s dividend policy.
As the analysts, the market for the time being rated as neutral transaction and is waiting for more information on plans to purchase another insurer. “However, at the moment, we see a slightly negative investment banking assets by the insurer, taking into account the risk of a bank tax and the conversion of loans denominated in CHF” – said the analyst report in the morning DM mBank Michal Konarski.
As pointed out, the same investment in securities Alior Bank at the current price does not look attractive.
“This is a temporary reaction and it may be transient,” – said the turn in an interview with PAP analyst Thomas Cyclist BM BPH. “The purpose of this acquisition is that both sides benefited. The CEO of PZU has already announced that it will use Alior Bank branches to distribute products of the insurer, but for now the question is whether it will work the other way. It is a matter of strategy, you can expect that such actions will take place, but not yet announced, “- pointed.
Analysts estimate at the same time that the difficulty in assessing the purchase of shares by PZU Alior Bank due to the fact that in Poland there was no similar cases. For the valuation of shares of the insurer will be particularly important if future acquisitions will be successful.
The PZU Group is one of the 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.
Consolidated net profit in the first Alior Bank quarter of 2015. exceeded 91 million zł. At the end of March 2015. With Alior Bank Group’s services benefited 2.94 million customers.
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