DNB Nord buys a controlling stake in BISE bank

APA - Austria Presse Agentur
27-12-2006, 10:55

Warsaw (Puls Biznesu) – The merger of DnB Nord and BISE will not create a big bank. The financial institution will, however, offer services to all basic groups of clients.

Warsaw (Puls Biznesu) – The merger of DnB Nord and BISE will not create a big bank. The financial institution will, however, offer services to all basic groups of clients. 

DnB Nord, the Scandinavian owner of a Polish bank with the same name, reached agreement with Credit Cooperatif and the Agency of Industrial Development (ARP) to buy 76.3 percent of BISE shares. BISE is one of Poland’s smallest banks. The Scandinavians are going to offer minority shareholders to buy their shares as well. They will offer 3.3 times more than the value of the company amounts to, evaluating the company at EUR 140m. DnB Nord is going to merge the Polish companies.

“The integration will be completed in 2008. In January, both managements will prepare the rules”, Lukasz Piasta, DnB Nord Polska spokesman said. 

BISE planned to be listed on the Warsaw Stock Exchange. Now, the plans change.

“We wanted to raise funds on the stock exchange but we have a strong investor now”, Krzysztof Rykowski, BISE spokesman said.

“We want to be a competitive bank offering services to corporate clients, small and medium-sized companies as well as individual clients. We want to be one of the 15 biggest banks in Poland”, Jaroslaw Dabrowski, DnB Nord Polska CEO said.

BISE specializes in small and micro-companies and has 45 outlets nationwide. It also has clients including local authorities, NGOs, and housing communities as well as individual clients.  

After the first three quarters of 2006, BISE had PLN 187m (EUR 49m) of its own funds, PLN 7.1m of net income. DnB Nord had PLN 266m of its own funds and PLN 12.2m of net income in the January-September period.

(PLN 1 = EUR 0.262)

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Podpis: APA - Austria Presse Agentur

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