Latest news with #Pekao
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)
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)
