October 15, 2016 / 12:41 PM / a year ago

UniCredit says in talks with Poland's PZU, fund over Bank Pekao

ROME (Reuters) - Italy’s biggest bank UniCredit (CRDI.MI) said on Saturday it was in talks with Polish insurer PZU PZU.WA and development fund Polski Fundusz Rozwoju about selling its Bank Pekao (PEO.WA) unit, 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.

    In a separate statement on Saturday, state-run PZU said it had started negotiations with the Italian bank over buying Bank Pekao.

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

    ($1 = 3.8193 zlotys)

    Reporting by Isla Binnie, editing by Francesca Landini

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