November 24, 2016 / 5:15 PM / 3 years ago

UPDATE 1-Polish deputy PM says Pekao negotiations with UniCredit in final stage

(Adds details, no comment from Bank Pekao)

WARSAW, Nov 24 (Reuters) - Polish state-run insurer PZU and state development fund PFR are in the final stage of talks with Italy’s UniCredit over buying its Polish arm Bank Pekao, Polish Deputy Prime Minister Mateusz Morawiecki was quoted as saying on Thursday.

“We are in the final phase, but I cannot comment on the details as these are confidential negotiations,” Morawiecki told state agency PAP. “We will see if we can reach an agreement with partners (...) still in this year.”

Asked about obstacles in the talks, Morawiecki was quoted as saying: “There have been no big obstacles from what I know, but it can always turn out that the price does not fit our expectations.”

Bank Pekao declined to comment.

PZU and fund PFR are in negotiations with UniCredit over buying a combined 33 percent stake in Bank Pekao, a source close to the matter told Reuters in October.

Italy’s biggest bank UniCredit said in October it was in talks with PZU and PFR about selling Bank Pekao, but there was no certainty these would lead to a deal.

UniCredit’s new chief executive Jean-Pierre Mustier launched a strategic in-depth review in July in an attempt to boost the bank’s capital and improve profitability. (Reporting by Marcin Goettig; Editing by Alexandra Hudson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below