WARSAW: WSE-listed insurer PZU will buy a 25.25 percent stake in commercial lender Alior Bank from its lead shareholder Carlo Tessara for PLN 1.635 billion, the company announced on Saturday. The transaction needs to be approved by the Financial Supervision Authority (KNF) and consumer watchdog UOKiK.
Andrzej Klesyk, CEO of PZU, said that Alior Bank is “one of the most interesting bank assets in Poland and Europe” and will remain so. PZU treats the purchase as a financial acquisition and will not take operational control over the bank. The purchase “will provide a solid foundation for further growth of Alior Bank and will strengthen its market position,” according to Alior’s management.
The insurer revealed that it plans further purchases and is in talks to acquire two more banks with one of the deals expected to being closed before the end of the year. Raiffeisen Polbank and GE unit BPH are known to be on the auction block.