BPH to merge with PBK by the end of 2001
Following the merger of Bayerische HypoVereinsbank, a majority shareholder in Bank Przemyslowo-Handlowy (BPH), and Bank Austria, the owner of Powszechny Bank Kredytowy (PBK), the shareholders of BPH and PBK decided the banks would complete their merger by the end of this year. BPH will issue new shares for PBK's shareholders in exchange for a transfer of all PBK assets to BPH. As a result of the transaction, the third-largest bank in Poland will be created, with total assets of PLN 41bn (USD 10bn), which is about 40% less than assets of two biggest banks PKO BP and Pekao S.A. and with own funds totalling PLN 5.2bn (USD 1.26bn). It has not been decided who would head the new bank, but according to some speculations it would be neither BPH's president nor PBK head, but Alicja Kornasiewicz, a former deputy Treasury Minister and currently a member of the board of the investment bank CA IB, which is owned by Bank Austria. The new bank will operate a network of 600 divisions, the third largest network after PKO BP (1,200) and Pekao S.A.(800). The two banks' networks are complementary, as BPH operates mainly in the south, while PBK concentrates its operations in northern Poland. BPH employs 6,400 workers and PBK 8,100, but it is expected that their merger would result in significant reductions. bb, kp
Źródło:IntelliNews Daily
