ROM and Russian Development Fund agreed to purchase from the Italian UniCredit 32.8 per cent. shares of Pekao for 10.6 billion rubles, including PZU will pay of 6.46 billion rubles, – said the PZU Thursday morning message. Added that buyers will pay for the shares of the Bank after 123 UAH.
PAP: What are the plans for the ROM, in respect of Pekao?
Michael Krupiński, Chairman of the ROM: we Believe that this is a very good Bank, the largest Bank financing of Polish enterprises, as well as having many retail customers. The Bank is well managed. Do not expect a revolution if we are talking about his strategy. We believe that should continue to grow steadily. We also support the commitment that the strategy dywidendowej the Bank and approach to the client. We will consider rebranding, there is a chance that the “bison” back in Poland. In addition, we also acquired a controlling stake in Pionierze, due to the fact that we will be the largest asset managers in Poland. We see great potential for sales of insurance products in the branches of Pekao.
PAP: If the customers of Pekao ROM and feel the change?
– This is good news for clients of PZU. They will have access to more products. It is also good news for shareholders, the transaction increases the value of the company from their point of view. It is also good news for employees. Occurs the largest financial group in Central and Eastern Europe, is the undisputed leader in insurance, asset management and one of the leaders in the banking sector.
PAP: it is Planned to use synergies between Pekao Alior and or banks connected?
the Cost synergies would be greater than its effects. Here we are going to combine these two banks, two different business models. Alior Bank is quite growth, Pekao is the main corporate Bank in Poland.
PAP: why PZU another Bank?
Each company must manage their capital nadwyżkowym. We considered the potential transactions in the insurance sector, and not the company as profitable and attractive as PZU in Central-Eastern Europe. Hence, we decided to focus on the domestic market and in a sector that we know, that is the banking sector. We believe that this is a good investment, the Bank is very profitable, the income of the payer of the dividends. In addition, we can use the effects of synergy related to the management of assets, particularly if will be implemented the plan to create savings under the Plan Morawieckiego. In addition, we can implement the bancassurance model, i.e. sales of insurance products in the Bank channel, and Vice versa.
PAP: If there is concern about the decision of UOKiK?
At the appropriate stage we consulted our plans with UOKiK-the iem and the KNF. The largest share we will have in the deposits of corporate customers – 23%. The regulator comes in, when the proportion reaches 40 percent.
PAP: What is the source of financing of the transaction?
In the first place sfinansujemy it from the U.S. capital, but also planujmy show banners, bond subordinates. A few weeks ago, ratings Agency S&P has kept the rating of the ROM at a high level for the Polish company, i.e. A-, one notch above the rating of Russia. We will strive to maintain this rating, and the remedy for this is to issue subordinated debt.
PAP: How much in total PZU will spend on the purchase of shares.
of 6.46 billion.
PAP: Or planned more acquisitions?
At the moment we don’t plan acquisitions.
the Board ROM, announced early on Thursday morning in a message that negotiations aimed at the conclusion of the acquisition of a significant stake in Bank Pekao SA via PZU SA, working in consortium with the Polish Foundation for the Development of UniCredit.
at the same time, as stated in the message, the management Board and the Supervisory Board of PZU SA has expressed its consent to the conclusion of the UniCredit agreement of purchase and sale of shares of the Bank (SPA) and other contracts necessary for the implementation of the proposed transaction. “Then, on December 8, 2016, PZU SA and PFR signed with UniCredit SPA” is attached.
“the Essence of the transaction contemplated in the SPA, it is acting in concert acquisition of PZU SA and PFR, a significant (covering ultimately good. 32.8 per cent. the total number of votes) stake in the Bank. The transaction will be implemented in a structure consisting of two phases. In the first phase of PZU SA will acquire from the Seller 100%. of shares in special purpose vehicles (“SPV”), which owns the Bank’s shares, representing approx. 20%. the total number of votes, and, at the same time, the PFR will make a direct acquisition of the shares representing approx. 10 percent. the total number of votes. In the second stage, after falling at least 60 days from the first purchase, the PFR will make the immediate acquisition of the remaining stake in the Bank under the SPA, representing approx 2.8 percent. the total number of votes (collectively, the “Transaction”)”, – reads the message.
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