Latest news with #PZU
Reuters
07-08-2025
- Business
- Reuters
Poland's top insurer PZU dismisses CEO after brief tenure
Aug 7 (Reuters) - Polish state-controlled insurer PZU ( opens new tab on Thursday dismissed its Chief Executive Officer Andrzej Klesyk and appointed Tomasz Tarkowski, a member of its management board, as acting CEO. Poland's Ministry of State Assets said that the decision was "prompted by a need to align management policy with ownership objectives and to carry out an ambitious growth strategy in a challenging environment for the insurance sector." "The efficient execution of this strategy requires clear management decisions and effective dialogue with shareholders and employees," Poland's Ministry of State Assets said in an emailed statement. Klesyk was appointed as the company's CEO in March, following a period outside the country's largest insurer. He was the PZU's CEO from 2007 to 2015 but left when the previous nationalist government took power. The current Polish government plans to merge PZU with Poland's second-biggest lender by assets Pekao ( opens new tab in a deal that would create a financial group with a combined market value of more than 100 billion zlotys ($27.30 billion). The terms of a share exchange may be finalized by the start of the second quarter of 2026, Pekao's Chief Executive Officer Ceary Stypulkowski said on Thursday. The potential tie-up, which would rank as the biggest financial M&A transaction in Europe for at least 12 months according to LSEG data, is another high profile deal recently announced in Poland, where expectations for consolidation in the banking sector have grown. ($1 = 3.6658 zlotys)
Reuters
07-08-2025
- Business
- Reuters
PZU dismisses CEO Andrzej Klesyk after brief tenure
Aug 7 (Reuters) - Polish state-controlled insurer PZU ( opens new tab on Thursday dismissed its Chief Executive Officer Andrzej Klesyk and appointed Tomasz Tarkowski, a member of its management board, as acting CEO. The company did not provide a reason for the move. Klesyk was appointed as the company's CEO in March, following a period outside the country's largest insurer. He was the PZU's CEO from 2007 to 2015 but left when the previous nationalist government took power. The current Polish government plans to merge PZU with Poland's second-biggest lender by assets Pekao ( opens new tab in a deal that would create a financial group with a combined market value of more than 100 billion zlotys ($27.30 billion). The terms of a share exchange may be finalized by the start of the second quarter of 2026, Pekao's Chief Executive Officer Ceary Stypulkowski said on Thursday. The potential tie-up, which would rank as the biggest financial M&A transaction in Europe for at least 12 months according to LSEG data, is another high profile deal recently announced in Poland, where expectations for consolidation in the banking sector have grown. ($1 = 3.6658 zlotys)
Yahoo
02-06-2025
- Business
- Yahoo
Poland's Bank Pekao and insurer PZU sign MOU on potential merger
Polish Bank Pekao has signed a memorandum of understanding (MOU) with insurance company Powszechny Zakład Ubezpieczeń (PZU) on a potential merger between the two financial institutions. The financial terms of the agreement remain undisclosed. The agreement outlines the intent to prepare for a merger, which remains subject to the implementation of necessary legislative changes. If completed, the transaction would involve PZU first demerging by transferring its operations to a wholly owned subsidiary and becoming a holding company, then merging into Bank Pekao as the acquired entity. According to the announcement, the signing of the MOU represents the early stages of the planning process. Completion of the merger is conditional on several factors including the finalisation of transaction documentation, legislative amendments, and obtaining required regulatory and corporate approvals from the general meetings of both entities. The merger aims to simplify the group's ownership, enhance governance, streamline the bancassurance model and consolidate operations under one listed entity. It is also expected to generate revenue synergies, diversify income and support stable dividend payouts. The completion of the merger, slated for June 2026, is projected to release a capital surplus of approximately 15bn ($4.02bn)–20bn zlotys. It is based on capital adequacy and solvency requirements that the current group structure would be expected to meet from 2027 onwards. As part of the planning, the parties have also agreed to develop a strategy for Alior Bank, a subsidiary of PZU. PZU Group, established in 1803 as Poland's first insurance company, operates in Poland and central/eastern Europe, expanding into investments and healthcare. Its 2016–20 strategy emphasised banking sector growth, starting with a 25.19% acquisition of Alior Bank in 2015. "Poland's Bank Pekao and insurer PZU sign MOU on potential merger " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
02-06-2025
- Business
- Reuters
Poland's Pekao, PZU sign memorandum for potential merger
June 2 (Reuters) - Polish bank Pekao ( opens new tab said on Monday it had signed a memorandum with insurer PZU ( opens new tab to prepare a potential merger deal to create one of the biggest financial institutions in Europe. Ahead of the potential deal, PZU would be split into a holding company and a wholly-owned unit running its operational insurance activity, Pekao said. Thereafter, the holding company would be merged with Pekao, the lender added. Currently, PZU holds a 20% stake in Pekao, Poland's second biggest lender. The companies aim to complete the possible deal by the end of June 2026, which they said could free up about 15 billion to 20 billion zlotys ($4 billion to $5.3 billion) of the group's capital surpluses. ($1 = 3.7460 zlotys)
Bloomberg
23-05-2025
- Business
- Bloomberg
Poland's Surging Stocks Tested by Neck-and-Neck Runoff Election
The slump in Polish stocks, one of the year's global equity standouts, signals that traders are increasingly jittery about any more political surprises. Warsaw's WIG20 index has dropped almost 3% since Poland 's opposition nationalists emerged from Sunday's first round of the presidential election with more votes than expected. Big name stocks, such as retailer Pepco Group NV, insurer PZU SA and gaming studio CD Projekt SA declined more than 5%.
