Polish insurer PZU to complete merger with Bank Pekao for flagship infra/energy project funding

Written by Adam Cadle

29/07/2025

Polish insurer, PZU, is to complete a merger with Bank Pekao, which it hopes will allow it to play a key role in attracting financing for the country’s major energy and infrastructure projects.

PZU CEO, Andrzej Klesyk, said he wants to allocate some of the expected 20bn zloty ($5.5bn) of capital set to be released from the merger into a fund. This fund will invest in the energy and infra project as well as attract foreign financing.

“We can’t finance all the major projects by ourselves, our financial sector simply doesn’t have enough resources,” Klesyk told Bloomberg News.

“So creating a seed fund that would be an attractive partner for large infrastructure of sovereign wealth funds from abroad, including Asia and the Middle East, would be a positive side effect of our deal.”

Klesyk said the all-share merger with Pekao, a bank in which PZU holds a 20% stake, should be completed by mid-2026.

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