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Report: PZU on lookout for M&A targets abroad

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Report: PZU on lookout for M&A targets abroad

State-controlled Polish insurer PZU SA is looking for acquisition opportunities abroad and will support its unit Alior Bank SA in potential M&A deals if interesting opportunities arise, news agency PAP reported Feb. 2, citing the Polish Development Ministry.

Responding to an inquiry made by a member of the Polish parliament, the ministry reportedly noted that PZU constantly monitors the market for potential M&A targets with a significant market share and firms with large development potential.

Following the acquisition of UniCredit SpA's stake in Bank Pekao SA, the Polish insurer has no further plans to invest in the banking sector, but will support unit Alior in potential M&A deals, the ministry said, according to the report.

Meanwhile, Parkiet said Feb.1 that PZU filed a request with the Polish Office of Competition and Consumer Protection to approve the purchase of UniCredit's stake in Pekao, as well as in Pioneer Pekao Investment Management and brokerage company Dom Inwestycyjny Xelion, which are part of Pekao Group.