“This is an historic day in PZU’s history […] today’s transaction is the first step in consolidating the Polish banking sector with the participation of PZU,” Klesyk said.
The deal, which still has to be rubberstamped by the Financial Supervision Authority and the UOKiK consumer watchdog, is part of a recent drive by PZU to acquire stakes in a number of Polish banks.
The 25-percent stake was put up for sale by Carlo Tassara, a holding company controlled by Romain Zaleski, a Polish-French financier.
PZU’s acquisition of the 25-percent stake adds to the already controlled 4.5 percent in the bank’s investment and pension fund.
While Alior is not Poland’s most cash-heavy bank, with PLN 30.1 billion in assets, it has 2.5 million clients and over 1,000 branches nationwide following its purchase of a majority stake in Meritum Bank.
PZU is not planning a merger with Alior, Klesyk said, however the insurance giant is expecting to sell its products through the bank.
The investment will also not have an effect on 2014 dividends, with the board recommending a payout of PLN 30 per share, totalling around PLN 2.5 billion.
Meanwhile, Treasury Minister Włodziemierz Karpiński said in a statement that the government supports the deal. The comment comes as the Treasury currently holds a 35-percent stake in PZU.
“I hope that this is just the beginning of further consolidation of the sector around this bank and on the basis of Polish capital,” he said.
Further to the Alior deal, as part of its consolidation efforts, PZU is also reported to be eyeing Raiffeisen Polbank, which is set to be sold by its owners Raiffeisen Bank International. Currently, the bank has the largest assets on the Polish market, set at PLN 53.5 billion.
Bank BPH, which may be sold off by parent company GE Money Capital, is also in PZU’s sights, the Puls Biznesu daily reported back in April. The bank has PLN 31.6 billion in assets. (jb)