Pekao may be deprived of control over Pribaltic region

APA - Austria Presse Agentur
13-01-2006, 15:26

Warsaw (Puls Biznesu) – Prolonging conflict over the merger of Pekao and Bank BPH in Poland may adversely affect the role of the Polish banks in UCI group. BA CA wants to remain the supervisor of banks in the region.

Warsaw (Puls Biznesu) – Prolonging conflict over the merger of Pekao and Bank BPH in Poland may adversely affect the role of the Polish banks in UCI group. BA CA wants to remain the supervisor of banks in the region.

In March, the supervisory board of BA CA, a bank controlled by Unicredito Italiono (UCI) since the latter merged with HVB, may decide about who will manage the group in Central and Eastern Europe. As part of HVB group, BA CA’s role was to supervise this region. However, the agreement ends this year. BA CA fights to control Central and Eastern European banks also in the future.

“The strive of the Austrian bank’s management to keep the privileges is supported by the president of the country and the mayor of Vienna”, “Puls Biznesu” source close to UCI said.

So far, UCI opposed it. UCI wanted the Pribaltic region, i.e. Latvia, Lithuania and Eastland, to be controlled by Pekao (owned by UCI) after its merger with BPH (owned by HVB). An IT centre was also to be shifted to Poland.

“BA CA wants the control because of prestige and job protection”, a person close to BA CA said.

 

In the supervisory board of BA CA which consists of 12 people, UCI representatives are in minority. Due to prolonging negotiations in Poland concerning the merger of BPH and Pekao, they may agree to Austrian proposals. Pekao would lose its chance to supervise a dynamic market. Cezary Mech, the Polish deputy Minister of Finance, said that the decision over UniCredit will be made by the bank supervising commission in a month time at the earliest.

 

 

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Podpis: APA - Austria Presse Agentur

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