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Pekao, PZU to consolidate pension funds

Bank Pekao SA and PZU SA unit Powszechny Zaklad Ubezpieczen na Zycie SA agreed on the consolidation and management of assets of their pension funds, Bank Pekao said Dec. 11.

Under an agreement signed by the parties, pension manager Powszechne Towarzystwo Emerytalne PZU SA will take over the management of Pekao's pension funds OFE Pekao and Pekao DFE from Pekao Pioneer PTE. The agreement is pending the approval of the Polish Financial Supervision Authority, which is expected to be issued at the end of the first quarter 2018 or the start of the following quarter.

PZU and Poland's development fund PFR acquired a 32.8% stake in Pekao in June 2017.