WARSAW, Dec 7 (Reuters) - * Poland's biggest lender Bank PKO BP says has issued a commitment letter to lend up to 3.2 billion zloty ($775 million) to one of its clients.
* Markets are awaiting an announcement of a deal under which Polish state run insurer PZU and state run development fund Polski Fundusz Rozwoju (PFR) could buy a 33 percent stake in country's No.2 bank Bank Pekao SA from UniCredit.
* Some observers speculate that the state-controlled PKO's credit promise may be related to the expected deal as it is worth exactly 10 percent of Bank Pekao's market capitalisation.
* PFR and PKO declined to comment, while PZU said it was not immediately ready for comment. ($1 = 4.1285 zlotys) (Reporting by Marcin Goclowski; Editing by Elaine Hardcastle)