October 24, 2017 / 5:23 AM / 2 years ago

Polish banks Pekao, Alior explore potential merger

WARSAW, Oct 24 (Reuters) - Two state-controlled Polish banks Bank Pekao SA and Alior Bank are considering cooperation or a merger, they said on Monday night.

Both banks belong to Central Europe’s biggest insurer PZU SA . The banks signed a letter of intent (LoI) on Monday regarding their potential cooperation.

“LoI is aimed at enabling an analysis of feasibility study and assessing different forms of potential cooperation or merger of both entities,” Pekao statement reads. (Reporting by Marcin Goclowski; Editing by Sherry Jacob-Phillips)

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