Warsaw (Puls Biznesu) – The Commission for Banking Supervision (KNB) said that the merger of Pekao with Bank BPH would be concluded this year.
The Commission for Banking Supervision believes that the merger of the two banks controlled by Italian Unicredit will take place as early as this year. Pekao is going to be the bank-acquirer.
“The whole assets of BPH will be transferred to Pekao in exchange for the stock to be given by Pekao to BPH shareholders”, KNB decided.
Unicredit wants to integrate the outlets of both chains in order to give the clients the best access to them in the whole country, eliminating the regions which are covered by both banks. However, new outlets may be founded and the unnecessary ones liquidated. The managements of both banks will supervise the process. Unicredit promised not to change Bank BPH’s name prior to the merger with Pekao. The merged bank will be called Bank Pekao or “the company combining Bank Pekao and Bank BPH.
On April 5, KNB decided that Unicredit had its right to use its vote during Ban BPH’s shareholders meeting. On the same day, Prime Minister Kazimierz Marcinkiewicz and Uncredit CEO Alessandro Profumo, signed agreement. The document provides for Unicredit to sell BPH brand plus 200 outlets jointly with banking services made by the two. The remaining 280 outlets will be merged with Pekao.