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Bank Pekao's future shareholders strike cooperation agreement

Polish state-controlled insurer PZU SA and the country's development fund, Polski Fundusz Rozwoju, signed an agreement covering the terms of their cooperation after completing the purchase of a major stake in Bank Pekao SA from UniCredit SpA.

PZU and PFR agreed to vote together on resolutions regarding distribution of profits and dividends, PZU said Jan. 23.

Subject to the exceptions set out in the contract, if the two future shareholders fail to reach an agreement with regard to the way of exercising voting rights, PZU would determine the way of voting and PFR would vote in accordance with PZU's position.

The agreement also restricts the possibility of a disposal of Pekao shares by any of the two parties, and grants one party the right to buy the shares from the other party wanting to sell its holding in the bank or terminate the shareholder agreement.

The agreement will come into force after the completion of the first stage of the acquisition of Pekao shares. It will be binding for five years and cannot be terminated by either side during the first year.

The contract also stipulates cooperation terms between the parties and the entity providing financing to PFR to acquire Pekao shares.

PZU and PFR will launch negotiations in order to conclude an additional trilateral agreement with that entity, which will contain more specific provisions regulating relations between the parties.