Problematic banks in the PZU group
In an interview with three news agencies, including PAP Biznes, Minister of State Assets Jakub Jaworowski said that having two banks in the group is problematic for PZU and causes many challenges. He added that he expects the PZU management board to propose in the strategy what to do with Pekao and Alior Bank. The minister noted that it is difficult to imagine increasing the State Treasury’s share in the banking sector.
MP Zbigniew Kuźmiuk (PiS) commented on this statement at Wednesday’s press conference in the Sejm. In his opinion, the head of MAP “is telling the company, the PZU group, that two banks are getting in its way”. “These banks (Alior Bank and Pekao SA) were snatched from the hands of foreign capital by decisions of Beata Szydło’s government in 2016 (…). We have acquired two powerful banks for the State Treasury, strengthening the Polish banking sector,” said Kuźmiuk.
He added that thanks to these operations, the State Treasury’s capital in the banking sector increased from 20 percent to 54 percent. “So we have gained a majority in the banking sector,” the PiS MP emphasized.
Profits of Pekao SA and Alior Bank
He reported that Pekao SA bank in 2023 brought PLN 6 billion in net profit, and Alior Bank PLN 2 billion in net profit. Kuźmiuk added that we are now learning that these banks are “obstructing PZU”. “I understand that in a moment they may not be an obstacle to Commerzbank (the second largest bank in Germany – PAP), which is just shuffling to get its hands on these assets. This is an incredible thing, extremely dangerous,” said Kuźmiuk.
“During the next session of the Sejm, we will ask about this statement of the Minister of State Assets, whether it is an isolated incident or some deeper strategy of this government,” added the PiS MP.
The Minister of State Assets emphasized in the interview that the PZU management board is working on the best solution regarding the two above-mentioned banks, and its proposals are to be included in the prepared strategy.
“It is worth waiting to see what strategy the PZU management board will propose. I am just saying that the current situation in PZU is unusual, because other groups do not have such a structure and it seems that it does not serve PZU for many reasons. I will not be surprised if the PZU management board comes up with a proposal to change this state of affairs, but in what direction it will go, the management board has to come up with a strategy and propose something,” said the head of MAP.
According to Jaworowski, the State Treasury has an important role to play in the banking sector, as the recent global crisis has shown. However, as he points out, it is difficult for him to imagine further increasing the state’s involvement in it. At the same time, he noted that this does not mean giving up any possibilities of mergers and acquisitions by banks with the participation of the State Treasury. (PAP)
