August 4, 2015 / 9:21 AM / 4 years ago

Head of Polish bank PKO faces government pressure to go - sources

WARSAW, Aug 4 (Reuters) - Zbigniew Jagiello’s position as chief executive of Poland’s biggest lender PKO BP is at risk amid criticism from within the government, although no decision has been made about his future, two sources familiar with the matter said.

Earlier on Tuesday, the Puls Biznesu newspaper said Jagiello might be replaced with the European Bank for Reconstruction and Development’s (EBRD) London-based director for European Union financial institutions, Lucyna Stanczak-Wuczynska, at Wednesday’s supervisory board meeting of state-controlled PKO.

“There is pressure on him, but nothing has been decided,” one financial sector source said.

The source said some in the treasury ministry think Jagiello is too close to people associated with the opposition Law and Justice party, which opinion polls suggest is likely to take power after October parliamentary elections.

“There is pressure, but as far as I know there is rather a discussion about including Stanczak-Wuczynska in the management board, rather than replacing him with her. But never say never,” another senior banking source said.

A third banking source echoed this view, saying the battle over Jagiello’s future was ongoing.

The 49-year old Jagiello, previously head of a mutual fund Pioneer Pekao, has been chief executive of PKO since September 2009.

He has modernised the bank and improved its market position, helped by the acquisition of smaller peer Nordea Bank Polska.

The treasury ministry press office was not immediately available to comment. PKO and the EBRD declined to comment. (Reporting by Marcin Goclowski; Additional reporting by Marcin Goettig; Editing by Mark Potter)

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