GDANSK (Reuters) – Poland’s top insurer PZU said on Monday it plans to sell its 32% stake in Alior Bank to Pekao, in which it holds 20%, as it seeks to regroup its banking activities under a new 2025-2027 strategy. Poland’s state assets minister Jakub Jaworowski said in September that PZU needed a strategy to […]
GDANSK (Reuters) – Poland’s top insurer PZU said on Monday it plans to sell its 32% stake in Alior Bank to Pekao, in which it holds 20%, as it seeks to regroup its banking activities under a new 2025-2027 strategy.
Poland’s state assets minister Jakub Jaworowski said in September that PZU needed a strategy to address its stakes in the two competing banks, which he said was complicating its valuation.
PZU and Pekao, Poland’s second biggest lender, have signed a letter of intent regarding the reorganisation, though no binding decisions have been made, the state-controlled insurer said.
The signing of a sale and purchase agreement, which is expected to include a cash settlement, is planned for the first half of 2025, it said.
The move will create value for shareholders through greater transparency and simplified group governance , PZU added.
PZU has seen a positive impact from its bank holdings, both on its profit and through the cross-sale of banking and insurance products. Earnings from the banking activities added nearly 2 billion zlotys ($489 million) to its profit last year.
A 20% stake in Pekao is valued at around $1.75 billion according to Reuters calculations based on LSEG data, while 32% in Alior is worth some $936 million.
PZU also said it aimed to pay a dividend of at least 4.5 zlotys per share under the new strategy, with a 2027 net profit target of more than 6.2 billion zlotys. It also targets a return on equity exceeding 19% in the same period.
($1 = 4.0911 zlotys )
(Reporting by Rafal W. Nowak; Editing by Milla Nissi)
