WARSAW: Poland’s state-controlled top insurer PZU will buy a 25.25% stake in Alior Bank from the bank’s lead shareholder Carlo Tassara for PLN 1.63 billion or PLN 89.25 per share in what it believes is only its first step in piecing together a top-five bank in Poland, PZU said in a market filing.
Polish Treasury Minister Wlodzimierz Karpinski said in a comment to the announcement that the Polish government backs the move and hopes to see further consolidation around PZU and Alior. After years of importing capital and know-how from foreign banks, the time has come for a “re-polonization” of the financial sector,” Karpinski said. “We are taking advantage and will continue to take advantage of opportunities to buy bank assets from departing foreign investors.”
“I hope that this is only the beginning for further consolidation of the sector around this bank on the basis of Polish capital,” Karpinski wrote.
PZU acknowledged Saturday that it remains on the M&A warpath and is in talks for another two banks. One deal can be wrapped up by year-end, PZU’s CEO Andrzej Klesyk said. Karpinski calls the state-controlled PZU “the third pillar” of the Polish-owned financial sector along with the postal service’s financial unit Bank Pocztowy, set for an autumn 2015 market debut and, presumably, Poland’s largest bank PKO BP, also majority owned by the state.
