Bloomberg News

Bank Pekao Shouldn’t Pay 2011 Dividend, Polish Watchdog Says

January 02, 2012

Dec. 30 (Bloomberg) -- Bank Pekao SA belongs to a group of European banks that shouldn’t pay a 2011 dividend due to the condition of its parent company, UniCredit SpA, according to the recommendations of the European Banking Authority, Andrzej Jakubiak, the head of Poland’s Financial Supervisory Commission in Warsaw, said today in an interview on TVN CNBC.

“The fundamental thing is not to worsen but to improve” the solvency ratios of the group, said Jakubiak after being asked why Pekao should refrain from paying a dividend even though it meets Tier-1 and other capital requirements set by the Polish regulator for banks planning to pay dividends.

Among banks listed on the Warsaw Stock Exchange, only PKO Bank Polski SA and Bank Handlowy w Warszawie SA may pay a 2011 dividend in compliance with the regulator’s recommendations, Jakubiak said. The watchdog said after Jakubiak’s interview today that ING Bank Slaski SA may also pay a dividend, TVN CNBC reported.

--Editor:

To contact the editor responsible for this story: David McQuaid at dmcquaid1@bloomberg.net


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