Fortis acquires Dominet to win the retail market

APA - Austria Presse Agentur
31-10-2006, 14:55

Warsaw (Puls Biznesu) – Fortis wanted to develop retail services. And it did although no one expected that it would be done by acquiring a bank with 250,000 clients.

Warsaw (Puls Biznesu) – Fortis wanted to develop retail services. And it did although no one expected that it would be done by acquiring a bank with 250,000 clients.

The Belgian group Fortis, one of Europe’s 20 biggest financial companies, signed agreement to buy 50.1 percent of Dominet from Dorota Cacek and Merrill Lynch Global Emerging Markets Partners. The main asset of the company is Dominet Bank, one of Poland’s smallest banks, specialized in consumption credits. Fortis asked the Commission of the Banking Supervision for the approval to seize control over Dominet Bank.

“We hope to become its owners at the beginning of next year”, Marc Luet, Fortis deputy CEO responsible for consumption, car and cards credits said.

The price of the transaction remains secret. At first, the market reacted with 8 percent jump of Fortis Bank Polska shares. The Polish subsidiary is 99 percent owned by the Belgian group. So far it has focused on corporate clients, small and medium-sized enterprises and rich individual clients. This year, it decided to enter the retail market. With 40 outlets it would have difficulties.

“Dominet Bank has 152 outlets, cooperates with 2,000 car sales points, has 250,000 retail client and is among the 10 biggest players as far as consumption credits are concerned”, Marc Luet stressed.

So far, there are no plans to merge Dominet Bank with Fortis Bank Polska.

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Podpis: APA - Austria Presse Agentur

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Puls Biznesu

Inne / Fortis acquires Dominet to win the retail market