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The Warsaw Voice » Business » July 14, 2016
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Poland committed to banking sector repolonization - deputy PM
July 14, 2016   
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Mateusz Morawiecki
The Polish government remains committed to increasing domestic ownership in Poland's banking sector, deputy Prime Minister and Development Minister Mateusz Morawiecki said on Wednesday.

"In the [governing party] PiS program we envisage that if there are opportunities on the market, we will be trying to increase the share of Polish institutions in the banking sector," he said. "If there is an opportunity, we will surely be screening it with utmost attention and we do not exclude any scenario."

Although the government remains committed to repolonization of the banking sector, Poland's largest lender by assets PKO BP cannot target the second largest Bank Pekao as that would distort market competition, Morawiecki told PAP Polish news agency.

"PKO BP, as the number one bank on the market would not be able to take over Pekao, which holds the second spot, because of market competition," Morawiecki said commenting on the sale of a 10% stake in Pekao by its Italian parent UniCredit. "PKO merged with Pekao would have too dominant a position, so if there are chances, other entities would need to be used."

On Tuesday night UniCredit completed the sale of 26.2 million shares or ca. 10% stake in its Polish unit Pekao SA at PLN 126 per share with a view of strengthening its capital position. The sale reduced UniCredit's stake in Pekao to 40.1%. The stocks were sold to institutional investors.
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