Poland plans to hike state ownership share in financial sector - dep PM

Tytus Żmijewski/PAP

The Polish government will seek to further expand state ownership in the country's financial sector, Deputy Prime Minister and State Assets Minister Jacek Sasin told a Saturday conference in Torun, northern Poland.

In his opinion, the 2017 takeover of Poland's second-largest lender Bank Pekao by the country's insurance giant PZU and the state investment vehicle PFR from Italy's UniCredit was a key transaction in this respect.

"Earlier, the share of foreign capital in the banking sector exceeded 60 percent and according to many experts it inhibited the possibility of influencing economic processes," Sasin said, adding that the transaction had caused the reversal of this percentage.

"Today, most of the banking sector is in Polish hands, and we are planning and conducting talks to expand this scope of Polish ownership in the financial sector," he added.