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Poland's Bank Pekao denies reports of imminent Alior merger

Bank Pekao SA denied media reports suggesting that it could announce a merger with Alior Bank SA in March.

PZU SA is the largest shareholder in Pekao and Alior, owning a stake of 20% and 32%, respectively, and the two lenders said in October that they were going to consider various cooperation options, including a potential merger. The plans raised the concerns of analysts about development prospects of the merged bank.

Polish daily Gazeta Wyborcza reported that March 13 that Pekao could announce an intention to take over Alior at the end the month. The lender said March 14 that various analyses testing the feasibility of potential cooperation with Alior have been carried out in line with its announcement from October 2017, but that no final decision has been made as yet.