Bank BPH may be split in due time

24-09-2007, 14:20

Warsaw (Puls Biznesu) – Merger works may be started in November. The split of Bank BPH may be approved by financial commission within three weeks.

Unicredit may get the approval of the Commission of Bank Supervision (KNB) on October 10th to divide Bank BPH and merge one unit with Pekao and sell the other, the so called mini-BPH. The banks would then make it to apply in the court to register the decision of last year’s shareholders’ meetings in due time, before October 31st. There is an emergency plan as well.

“Whether we get KNB approval in October or not, we want to submit application in the court to register the decisions of shareholders. We may then add the KNB approval”, Jan Krzysztof Bielecki, Pekao CEO said.

If KNB approval is given in October, the final works over the merger would be started on November 2nd, a specialist said.

Mini-BPH is to be sold to US financial group GE Money. Americans own GE Money Bank, a consumer finance company. The question is which bank will be acquiring: mini-BPH or GE Money. BPH is a strong brand plus it’s listed on the Warsaw Stock Exchange.

Pekao will have 280 outlets after the split while 200 be left at mini-BPH.



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