October 8, 2019 / 8:54 AM / 2 months ago

Polish lender Pekao does not rule out takeovers

WARSAW (Reuters) - Poland’s state-run lender Pekao (PEO.WA) has not ruled out potential takeovers after it completes its current strategy goals, Chief Executive Michal Krupinski said on Tuesday.

Analysts have named Pekao as one of the potential buyers of Commerzbank’s mBank (MBK.WA) after the German lender announced plans to sell its Polish unit.

“We do not comment on media speculation. Currently we are focused on the full implementation of our 2018-2020 strategy, including the operational transformation which is crucial for us,” Krupinski said in a statement.

“At the same time, we monitor consolidation trends in Poland’s banking sector. We cannot rule out our participation in the sector’s further consolidation after we complete the operational transformation,” he said.

Polish Prime Minister Mateusz Morawiecki said last month that any decision to buy mBank should be taken on business grounds, commenting on speculation of potential state-run bank interest in the lender.

Reporting by Anna Koper; writing by Agnieszka Barteczko; editing by Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below