New bank to emerge from merger

Posted January 4th, 2010 in Business news by Ela Pawełek-Lubera

The Polish Financial Supervision Authority has agreed for a merger of GE Money Bank with BPH Bank.

The new bank, which will operate under the brand of BPH Bank, will serve 2.35 million customers.

Analysts say that the combination of the banks’ best financial products (GE Money Bank’s cash credits, mortgages and credit cards and BPH Bank’s personal accounts, deposits and products for small and medium companies), may bring great results.

The new bank will become one of the largest in Poland. Currently GE Money Bank and BPH Bank together have 469 branches but plan to enlarge the number to 740 branches. The new bank wants to have an 8-percent share in mortgage market in Poland and 4-percent share in deposit market.

The merger will cost 170 million zloty (40.6 million euro) and the profits are estimated to reach 240 million zloty (57 million euro) a year.

It is still not certain who will head the new bank as the acting president of BPH Bank Jozef Wancer might resign.

Source: www.thenews.pl

This entry was posted on Monday, January 4th, 2010 at 13:51 and is filed under Business news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Comments (1) to “New bank to emerge from merger”

  • 18 July 2010 at 16:23, Marco Krol says

    At last the EU shows strength and durability again:-)

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