Sale of Alior Bank to Pekao
PZU announces that it plans to finalize an agreement to sell its stake in Alior Bank to Pekao by mid-2024. The process requires approval from regulators, including the Financial Supervision Commission (FSC). The transaction, worth more than PLN 3.8 billion, is expected to be settled in cash.
– Ultimately, we would like the contribution of the banking area to be no less than it is now and for Bank Pekao to retain its dividend capacity, the CEO added,” stressed PZU CEO Artur Olech.
The plan also assumes the possibility of further synergies between Alior Bank and Pekao, which could operate as separate entities or be merged in the future. Decisions on this will be up to the boards of directors of both institutions.
We see a lot of synergies, but we leave the decisions on how or when to do so to the boards of directors of both banks. They are outstanding managers in the banking area and will certainly work out a very good solution, with our support. We have our expectations in terms of value growth, an appropriate level of profits from banking assets and in terms of dividends. Ultimately, we would like the contribution of the banking area to be no less than it is now, and for Bank Pekao to maintain its dividend capacity – added the president of PZU.
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Alior Bank received a fine from the FSA
Investments and expansion of PZU
PZU plans to use the freed-up capital to develop key business areas, such as:
- Strategic partnerships in Poland and Europe.
- Transformation of the economy, including financing of green projects.
- Development of the health sector, through investments in medical infrastructure and own facilities.
- The group also intends to develop its business in Western Europe, using the “freedom of service” model and reinsurance partnerships.
Development of the health sector
As part of its strategy, PZU Health plans to invest PLN 1 billion in the development of medical infrastructure and increase the share of its own facilities in serving patients to 60%. According to PZU officials, health is one of the most promising segments that will allow the group to significantly increase its operating margins.
