Brussels believes EC decision over Pekao-Bank BPH merger was right

APA - Austria Presse Agentur
08-02-2006, 14:18

Warsaw (Puls Biznesu) – Despite Polish protests, the European Commission believes that UCI should proceed with the merger of Pekao and Bank BPH.

Warsaw (Puls Biznesu) – Despite Polish protests, the European Commission believes that UCI should proceed with the merger of Pekao and Bank BPH.

The claim submitted by Poland to the European Court of Justice over the European Commission’s decision concerning the merger of Unicredito Italian (UCI) with HVB has no legal effects. The Italians should continue the process of the merger between Pekao and Ban BPH.

“The EC’s decision allowing for the merger must be executed as long as the court cancels it”, Jonathan Todd, the spokesman of the EU competition commissioner said.

The EC believes its decision was well explained. Besides, Poland did not present its stance over the EC’s decision in due time.

The EC agreed for the merger of UCI and HVB, including the merger of Pekao and BPH in Poland, as early as in October. Poland filed a suit against this decision last Monday. According to Pawel Szalamacha, the deputy Minister of the Treasure, Brussels made several mistakes in its estimation of the Polish banking sector. The main problem was its estimation of the competitive situation of the banks after the merger.

Jonathan Todd admitted that Brussels did know that UCI was breaking the privatization agreement signed when it acquired Pekao. According to this agreement, UCI could not engage in any other bank in Poland. However, Jonathan Todd is convinced that even with this knowledge, the EC would make the same decision.

 

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Inne / Brussels believes EC decision over Pekao-Bank BPH merger was right