(Bloomberg) -- Polish state development fund PFR is seeking a higher dividend payment from Bank Pekao SA, the country’s second biggest lender. 

PFR, which holds 12.8% stake in the bank, filed a motion to vote 5.42 zloty ($1.29) per share as the payout from Pekao’s 2022 profit, compared with 3.65 zloty proposed earlier by the management. Shareholders will vote on a final plan during the annual meeting scheduled for June 6.

Bank Polska Kasa Opieki, or Pekao, with limited exposure to Swiss-franc mortgages and record profits from the current high interest rate environment, is seen by analysts as one of the most dividend-capable among Polish banks. Last year it paid 4.3 zloty per share to shareholders. 

“The bank has very good earnings and a strong capital position, which according to us should enable return to paying 75% of profit as dividend, in line with its dividend policy,” Pawel Borys, president of PFR, said in a text message to Bloomberg News. “Such a proposal should be positive regarding value creation for shareholders.”  

PFR’s proposal may also highlight differences among holders in the lender, which was acquired by the state from UniCredit Spa in 2017. State-controlled insurer PZU SA holds a 20% stake. In recent years, Poland’s Law & Justice government wasn’t keen on seeking bigger payouts from state entities, opting instead for reinvestments of profits. 

(Updates with PFR comment in fourth paragraph.)

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