Insurer PZU green lighted to take over Alior Bank

The office said in a statement on Thursday that the transaction will not impact negatively on competition and consumer welfare.

"In the opinion of the office this does not lead to a restriction of competition on any of the markets in which the buyer operates. Therefore, UOKiK has approved the planned transaction - PZU can take control of Alior Bank," the statement read. Alior Bank was founded by a group of Polish-French and Italian financiers.

PZU applied for approval in June. A transaction is subject to notification to the antitrust authority if it involves enterprises whose total turnover in the preceding year exceeded PLN 1 billion worldwide and PLN 50 million in Poland.

At the end of May, PZU signed a preliminary agreement to purchase 25 percent of Alior Bank shares for PLN 1.6 billion (about EUR 380 million).

PZU said it wants to consolidate the banking sector and create a bank that would be in the top five largest in Poland in terms of assets.

In mid-July. the company's CEO Andrzej Klesyk said PZU will aim to buy 2-4 smaller banks. "Banks between the sixth and 20th spot won't soon exist. If they do not consolidate, they will not be able to survive. Consolidation must take place," he said. (jh/rk)