Poland seeks alternative plan for delayed PZU-Pekao insurance merger

Bank Polska Kasa Opieki SA

24/09/2026 08:00

WARSAW, Sept 24 (Reuters) - Poland is seeking an alternative way to reorganise its biggest insurer PZU PZU.WA as legislative changes required to implement the initial plan face the risk of presidential vetoes, the state assets minister said.  
PZU, which has stakes in Pekao SA PEO.WA and Alior Bank ALRR.WA of 20% and 31.9% respectively, said last year it planned to merge with Pekao, one of Poland's largest banks.
Under the plan, PZU, which has more clients than any other Polish insurer, would be split into a holding company and a wholly-owned unit to run its operational insurance activity. 
The holding company would then be merged with Pekao. However, the deal, initially expected to be completed by mid-2026, has been delayed because legal changes would be necessary under the original merger plan. 
Changing law has been made harder by political gridlock in Poland between the government, which is pursuing European Union-aligned policies, and President Karol Nawrocki, who represents the main opposition party, the socially conservative and nationalist Law and Justice party, or PiS. 
State Assets Minister Wojciech Balczun told reporters on Wednesday an alternative merger scenario, which would require fewer legal changes while maintaining the government's holdings or rights of companies within the holding, was possible.       
"There are other ideas with a greater chance of success such as a holding structure that separates the holding company from banking and insurance operations," Balczun said.

 (Reporting by Marek Strzelecki and Anna Koper; editing by Barbara Lewis)
 ((Marek.Strzelecki@thomsonreuters.com;))