OREANDA-NEWS. June 02, 2015. The share purchase agreement (SPA) executed on 30 May 2015 anticipates the acquisition of a 25% equity stake in Alior Bank held by Alior Lux S.r.l. & Co SCA and Alior Polska Sp. z o.o.

On account of its strong capital position the PZU Group has an opportunity to deliver on its obligation to grow the Group’s value this way. Its investment earnings may generate additional shareholder value. This investment will not affect the 2014 dividend.

„We have emphasized many times that one of our key objectives is to build the PZU Group’s shareholder value. The opportunities to achieve significant growth on the insurance market are at present greatly limited; that is why PZU is making this investment in banking assets. I am very pleased that we can announce today that PZU, a strong Polish investor has acquired shares in Alior Bank. I have emphasized many times that PZU is interested in taking part in such capital market projects to accrue above-average profits to our owners at an appropriate level of safety”, said Andrzej Klesyk, CEO of PZU.

„Today’s acquisition is the first step toward consolidating the Polish banking sector with the PZU Group’s participation. We continue to be interested in investments in this space. The acquisition of a significant stake in Alior Bank will enable us to create a platform to consolidate the domestic banking sector. As a result, this will enable us to attain a bonus stemming being the leader in these processes. This will be an important element in growing
the PZU Group’s value in upcoming years”, added Andrzej Klesyk.

Innovation is one of the values laid down in the new PZU 3.0. strategy. Acquiring an equity stake in Alior Bank fits perfectly with this strategy having regard for its innovation, high level of commercial and technological sophistication coupled with its seasoned and effective management team.

Alior Bank is a particularly attractive entity on account of its very strong position in the retail banking segment supported by numerous strategic initiatives, its leading and innovat ive solutions in IT systems, distribution network and high level of cost effectiveness. 

On one hand, the Polish banking sector enjoys a relatively high level of stability and top quality assets while on the other hand it has growth prospects resulting from a lower level of bank saturation than in Western European countries. The Polish banking sector is the largest one in the Central and Eastern European region with assets worth more than EUR 339 billion. The profitability of banks in Poland continues to remain at a relatively high
level above the average for countries in the region.

Poland was the only economy in the European Union to avoid recession in 2009. The cumulative GDP growth in Poland from 2008 to 2014 was 23.8%, one of the best results not only in EU member states but also in the OECD. Leading international and domestic institutions expect further economic growth in Poland. Poland’s GDP growth forecasts for 2015-2017 range from 3.0% to 4.3% year on year.