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Poland's PM says "re-Polonisation" of banks will go on
December 29, 2016 / 1:03 PM / a year ago

Poland's PM says "re-Polonisation" of banks will go on

WARSAW, Dec 29 (Reuters) - The process of increasing domestic control over the banking sector in Poland, known as re-Polonisation, will continue after state-run entities bought a controlling stake in Bank Pekao earlier in December, Prime Minister Beata Szydlo said.

“Important information regarding ... an election promise of the PiS (the ruling Law and Justice party), the re-Polonisation of banks. This process has been initiated by us and it will be continued,” Szydlo told a news conference on Thursday.

Poland’s state-run insurer PZU and fund PFR agreed to buy a stake in UniCredit’s Pekao for 2.5 billion euros ($2.61 billion) earlier this month. ($1 = 0.9567 euros) (Reporting by Anna Koper; Writing by Marcin Goettig; Editing by Adrian Croft)

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