Unicredit confirms talks to sell the Polish Pekao – The Republic

MILAN - Unicredit confirms talks to give in Bank Pekao, the Polish subsidiary put on the market together with Fineco in this period in the context of the rewrite of the strategy on the part of the Mustier (it will be presented on December 13 in London) and will launch a substantial capital increase. “In relation to the recent rumors reported in the press regarding the potential disposal of assets”, is out in the open the Italian bank, “confirms ongoing talks with Pzu and Polski Fundusz Rozwoju to explore the possibility of establishing a transaction concerning its subsidiary Bank Pekao”. However, you brake in the note of the institute – “there is no certainty that these negotiations will lead to any transaction, nor certainty as to the conditions subject to which any such transaction might proceed.”

According to the latest guidance, the group of Piazza Gae Aulenti, which has the objective of strengthening the capital (with an increase according to the estimates of 5-6 billion, the most the transfer of assets) – would have agreed the sale of 30% of the shares in Polish bank Pekao to the insurance Pzu for the price of 11 billion pln, which amounted to 2.5 billion euro. The news bounced from Poland and was also reported by the Wall Street Journal. The Gazeta also indicated the end of October as the term of the agreement.

On Pekao rumors follow each other for several weeks. Already at the beginning of September indicated the possibility of an agreement in the short term. Immediately, Pzu, in the context of what has been dubbed with the term of re-polonizzazione, has manifested a decided interest in respect of the bank in which Unicredit has 40.1% of the share capital. Mustier in the remodel of the institute, of which he became a.d in July, has put it clear that all assets were under examination. Pekao is returned immediately in this strategy so much that in July he sold a 10% on the market for 749 million euros (yesterday, however, is the expiry of the lock-up).

the Other node is Pioneer. Failed the agreement with the asset management of the Santander and there was interest in the company, and started a new process to test the market with a binding offer that expire the first of November. Pioneer is in pole Amundi, which would have presented a big offer to 4 billion euros. The game tries to remain even Posed together at the Cdp and Soul. It is not, however, said that at the end Mustier does not choose the option of an ipo of Pioneer. In the context of a strategic review not to be underestimated, then, the theme of suffering. It speaks of the sale of a huge portfolio of Npls for eur 20 billion is flanked by Gacs (i.e. State guarantees) as already experienced by the Banca Popolare of Bari. According to rumors, print three (Pimco, Fortress and Cerberus) would be entered in the short list for a minority stake in a company vehicle that cartolarizzi non-perfoming loans.

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