Biznes Fakty
PZU and Bank Pekao plan to merge and create a banking and insurance group
PZU and Bank Pekao are set to merge, as stated in a recent press release. The two entities aim to form a new banking and insurance conglomerate. The target date for finalizing the prospective deal is June 30, 2026.
The firms anticipate that the potential agreement outlined in the memorandum, which is dependent on several conditions and approvals, will lead to a capital surplus release of up to PLN 20 billion.
PZU and Pekao plan to merge
In announcements to the stock exchange, the companies indicated that, per the memorandum, they aim to finalize the potential agreement by June 30, 2026.
The deal involves splitting PZU into a holding entity and an operational company, followed by the integration of the holding into Bank Pekao. The primary objectives are to streamline the group’s structure, enhance bancassurance efficiency, and achieve revenue synergies.
„The banking and insurance group that will emerge from the merger of these two firms is expected to be among the largest financial institutions in Europe,” the press release assessed. It was noted that the transaction, which the signatories of the memorandum intend to execute, aims to optimize resource utilization and foster further growth for both PZU and Bank Pekao.
The statement clarified that both brands will maintain their identity, uniqueness, and operational autonomy in their respective markets, just as they have for many years within the PZU Group, although the new entity will be led by a bank rather than an insurer.
„To accomplish this, it will first be essential to separate PZU SA into a holding company and its 100% subsidiary engaged in operational activities related to property and other personal insurance. Subsequently, the PZU SA holding company will merge with Bank Pekao as the acquiring entity,” it continued.
One company on the WSE
According to the press release, ultimately, the Warsaw Stock Exchange will feature a single company with significantly increased capitalization and enhanced share liquidity compared to the current two entities, „which will boost the appeal of such a company for investors and the entire capital market.”
The companies revealed that the transaction is contingent upon, among other factors, the agreement on the necessary transaction documentation, the enactment of relevant legislative changes, acquiring several regulatory approvals, and obtaining the necessary corporate consents from the general meetings of shareholders of PZU and Pekao.
„Through ongoing collaboration and further efforts, the parties also aim to devise an optimal strategy for the future of Alior Bank,” it added. The PZU Group holds 31.91 percent of Alior Bank shares.
The firms announced that the transaction’s objective is to unify insurance and banking operations within a single capital group. As highlighted by the companies, these changes are expected to yield numerous benefits in terms of operational efficiency, corporate governance, and heightened sales potential.
Among the primary outcomes of the new model are the simplification of the group’s ownership structure and its alignment with solutions favored in the European market. PZU and Pekao are also anticipating enhanced corporate governance and improved organizational transparency.
A key aim of the changes is to amplify sales synergy—particularly in bancassurance, which involves selling insurance products via banking channels. The new model is designed to enable better utilization of Bank Pekao’s distribution capabilities in offering PZU policies.
The established framework is also intended to assist in building a robust financial group with a diversified revenue base and a strong capacity to generate dividends for shareholders.
As of around 10:20 a.m. on the Warsaw Stock Exchange, the PZU share price had decreased by 0.62 percent to PLN 60.88, while the Pekao share price fell by 3.74 percent to PLN 177.40.
PZU and Pekao
The Powszechny Zakład Ubezpieczeń Capital Group is the largest financial entity in Poland and Central and Eastern Europe. The Group is led by PZU, which has been listed on the Warsaw Stock Exchange since 2010. It includes, among others: PZU Życie SA, Link4 TU SA, TUW PZUW, Alior Bank SA, and Bank Pekao SA. The Group manages approximately PLN 300 billion in assets and serves around 22 million customers across five countries. The State Treasury holds about 34.2% of PZU shares.
Bank Pekao, established in 1929, ranks as one of the most significant financial institutions in the CEE region and is the second-largest universal bank in Poland, boasting PLN 334 billion in assets and the second-largest branch network in the country. The bank is publicly traded on the Warsaw Stock Exchange. PZU owns 20% of Pekao shares, while PFR possesses 12.8%.
