News & Announcements

Weil Is Advising Bank Pekao in Connection with the Consolidation of the Brokerage Business

Weil is advising Bank Pekao S.A., a universal bank, currently the second-largest bank in Poland and one of the largest in the CEE region, in connection with the integration of its brokerage business within the capital group of Bank Pekao S.A. Dom Maklerski Pekao, a separate organizational unit of Bank Pekao, will provide the brokerage activity conducted to date by Centralny Dom Maklerski Pekao S.A., Pekao Investment Banking S.A. and Dom Inwestycyjny Xelion sp. z o.o.

An important milestone in the integration was the registration of CDM’s segmentation on August 30, 2019 and the transfer of the entire existing brokerage activity to Bank Pekao. After 28 years, the first post-war brokerage house in Poland ceased to function as a separate entity on the market. After the integration, separate legal personality will be retained by: Pekao Investment Banking S.A., which will provide investment banking services; and Dom Inwestycyjny Xelion sp. z o.o., which will concentrate on intermediation, investment advice and the offering of financial instruments using its own network of investment firm agents. Other brokerage activities of these entities are being transferred to Bank Pekao.

The closing of the legal aspects of the integration of the brokerage business is planned for January 2020.

“I am glad that we had the opportunity to work with Bank Pekao on a transaction that will allow the bank, as one entity, to present a comprehensive product offer to clients,” said partner Łukasz Gasiński.

Weil’s services consisted of advising on M&A, corporate and regulatory matters, including the representation of the bank before the Polish Financial Supervision Authority (KNF) in connection with brokerage license proceedings.

Weil’s Warsaw team was led by Łukasz Gasiński, Corporate partner and head of the regulatory practice in the Warsaw office. Day-to-day work was performed by associate Katarzyna Łukaszewicz and law clerk Szymon Cieniawski.