October 15, 2016 / 10:36 AM / a year ago

Poland's PZU says in talks to buy Bank Pekao stake from Unicredit

WARSAW (Reuters) - Poland’s largest insurer, state-run PZU PZU.WA, said on Saturday it has started negotiations with Italy’s banking group Unicredit (CRDI.MI) over buying the lender’s Polish unit Bank Pekao PEO.WA.

UniCredit's Polish unit Bank Pekao logo is seen on their branch in Warsaw, Poland September 7, 2016. REUTERS/Kacper Pempel

The Wall Street Journal reported on Friday that PZU and Unicredit had agreed on key parameters of the deal, including an 11-billion-zloty ($2.88 billion) price tag for about 30 percent in Bank Pekao bank.

“The start of ... negotiations with Unicredit does not mean that the transaction of purchasing the shares of Bank Pekao will be concluded,” PZU said in a regulatory statement on Saturday.

“The decision-making bodies of PZU have not yet taken at this stage binding decisions regarding the potential transaction,” PZU said.

Reporting by Marcin Goettig

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