Unicredit plans modest savings from BPH and Pekao merger

APA - Austria Presse Agentur
opublikowano: 05-07-2006, 09:58

Warsaw (Puls Biznesu) – The merger of Pekao with BPH is supposed to bring EUR 60m of savings, much less than the earlier merger of BPH with PBK.

Warsaw (Puls Biznesu) – The merger of Pekao with BPH is supposed to bring EUR 60m of savings, much less than the earlier merger of BPH with PBK.


Today in Munich, Alessandro Profumo, the head of UniCredit group, will present its three year strategy in the Central and Eastern Europe. All representatives of UniCredit, heads of the banks from the group as well as international analysts will take part in this meeting.

“The three-year strategy will cover the development and integration of the group, and particularly the integration of IT systems. The strategy for Poland being the biggest business in the region will be important”, “PB” source said.

The strategy for Poland includes several business assumptions for the bank which are to merge.

“The synergy effects of the merger will amount to EUR 60m, while the cost/income ratio should amount to 45 percent. The costs of the merger itself, however, have not been taken into account”, the source added.


The strategy provides for 7-percent sales growth every year. In BPH strategy for the years 2004-2006, due to good market, a 10-percent growth rate was forecast.

“The synergies plan does not include the income from selling mini-BPH and capital gains. But I still don’t know why the synergy effects are so low. Maybe Mr. Profumo will explain it better. The merger of PBK with Bank BPH brought savings of over EUR 70m”, another source commented.


Analysts, however, suggest not to overestimate the effects of the merger.

“BPH is the most dynamic and effective among big banks. Pekao develops a little bit slower but is also very effective. So there will be no easy savings resulting form the merger”, Andrzej Powierza, BDM PKO BP analyst estimated.

Analysts expect that the strategy for Poland will include the issue of dividing BPH into the part which is to merge with Pekao and the other one, which will be sold.

“The market is waiting to learn which assets will be left in mini BPH”, Andrzej Powierza said.

Alessandro Profumo will not talk about it today. Neither will he talk about the product or personal merger between BPH and Pekao.



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