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PZU and Bank Pekao plan major merger by 2026

Poland’s largest insurer PZU and one of its biggest lenders, Bank Pekao, has agreed to start working on a planned merger by mid-2026. The blueprint, disclosed in a signed memorandum, could create one of the continent’s largest financial institutions, combining substantial banking as well as insurance operations under one roof.

By Oskar Malec | Last Updated: 3 Jun 2025

PZU, whose shares have been on the Warsaw Stock Exchange since 2010, is the largest financial group in Central and Eastern Europe. It serves about 22 million customers and has more than 300 billion złoty, or over €70.4 billion, in assets under management. The insurer is also 34.2% owned by the Polish government. Founded in 1929, Bank Pekao has some €78.4 billion in assets and the second-largest branch network in Poland. PZU at present holds a 20% stake in Bank Pekao, while the Polish Development Fund (PFR) has a 12.8% holding.


Organization, Methodology, and Market Effectiveness
Under the proposal, PZU would be split into a holding company and an insurance operation. The holding company would subsequently combine with Bank Pekao, which would become the leader in the newly combined company. Although PZU and Bank Pekao would maintain their brand names, the merged company would be led by the bank.


Its goal is to streamline ownership, better align banking and insurance and increase sales through bancassurance – selling insurance through banking channels. The companies believe such integration would support effective corporate governance, transparency and operational performance in line with European standards.


The merged company will be quoted on the Warsaw Stock Exchange as a single company. This should enhance market value and share liquidity.


Next Steps and Future Outlook
The merger project includes also a review of business strategy for Alior Bank, where PZU has a 31.91% stake. Shares were lower in the immediate aftermath of the deal announcement and tempered comparisons to the investment bonanza into WeWork that came ahead of its failed I.P.O. in 2019. PZU shares fell 0.62% and Bank Pekao shares declined 3.74% in late Monday morning.


Both entities in the intervention as parties are expected to engage in the detailed discussions and aimed at finalising all necessary approvals so that discussions of the merger process can commence in the following month being April 2016.

 

 

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