Michal Krupinski, CEO of Bank Pekao
When state-controlled Polish insurer PZU took over Bank Pekao from UniCredit in June last year, one of its first actions was to dispense with the services of the lender’s long-standing and well-regarded Italian chief executive, Luigi Lovaglio.
Given that the acquisition of the country’s second-largest bank was part of the nationalist Law and Justice Party (PiS) government’s plan to ‘repolonize’ the sector, this came as little surprise to the market. Nor, in some respects, did the choice of his successor.
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