December 4, 2019 / 1:22 PM / 6 months ago

Polish Pekao investor sees synergies in mBank merger

WARSAW, Dec 4 (Reuters) - A potential merger beween Poland’s No. 2 lender by assets Pekao SA and its smaller rival mBank would bring synergies, said Pawel Borys, CEO at the PFR fund, which has a 12.8% stake in Pekao.

“I think that from the Pekao shareholders perspective the potential merger between Pekao and mBank could bring bigger benefits than the previously analysed transaction with Alior Bank, where we were sceptical,” Borys told Reuters.

“It would bring potential operational synergies, especially in the technology sphere,” he said, adding that it was up to Pekao and its biggest shareholder PZU whether to enter a transaction. (Reporting by Marcin Goclowski)

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