The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Bank Pekao brings back the bison

Michal Krupinski looks to shake off the legacy of UniCredit with big plans for Poland’s second-largest lender. But will he be given a chance to implement them?


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. 

Michal Krupinski has been known as PiS’s golden boy for more than a decade, since his appointment at the age of 25 to the post of treasury undersecretary by the then prime minister and current party leader, Jaroslaw Kaczynski, during the party’s previous spell in power. 

After PiS lost the 2007 general election to liberal rivals Civic Platform, Krupinski put in time at the World Bank in Washington as representative for several countries in central and eastern Europe, before being tapped to cover the region for Bank of America Merrill Lynch in 2011.

His old friends had not forgotten him, however. When PiS returned to power in late 2015 and began systematically replacing senior management at Poland’s state-controlled firms, Krupinski – by this time aged 34 – landed the plum role of chief executive of PZU.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree