PKO BP picks head of mutual fund as new CEO

PKO BP, Poland's largest bank by assets, has nominated Zbigniew Jagiello, head of Poland's top mutual fund Pioneer Pekao, as its new chief executive.

Jagiello will take over state-controlled PKO BP as of Oct. 1, the bank said in a statement on Monday. "Jagiello has experience in the industry," Michal Sobolewski, analyst at IDM SA in Warsaw, said. "He was one of the favourites in the race, so it's not a great surprise. "It's positive news in the sense that the process went so fast. The bank will have to deal with a rights issue soon, so it's good that there will be someone responsible for it."