Bank Pekao Company News - Acquiring selected assets of Idea Bank under resolution tool
On December 31, Pekao and Polands Banking Guarantee Fund (BFG) have announced the takeover agreement of the troubled Idea Bank by Pekao under the resolution mechanism. BFG argues this step with increasing bankruptcy risks and with the stability of the financial sector. The transaction has been supervised by the EC as well. The takeover is effective from the January 3 and the full operational integration is anticipated for 4Q 21. During the management call which was hosted on short notice on December 31, the management said that the due diligence has started already at the turn of August/September. The binding offer by Pekao has been submitted to BFG on December 21.Bank Polska Kasa Opieki (the Bank) is a commercial bank providing a range of banking services, mainly in Poland. The segments of the Bank are as follows: Retail banking, which comprises all banking activities related to retail customers and small and micro companies; Private banking, which comprises all banking activities related to the affluent individual customers; Corporate and Investment banking, which comprises all banking activities related to the companies, interbank market, debt securities and other instruments; and Assets and Liabilities Management and other, which is engaged in the supervision and monitoring of fund transfers, and other activities centrally managed.
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