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Foreign banks not seen targeting Polish lenders - watchdog
June 24, 2013 / 4:47 PM / 4 years ago

Foreign banks not seen targeting Polish lenders - watchdog

SOPOT, Poland, June 24 (Reuters) - Foreign banks are not targeting any Polish lenders at the moment, as there is little space for further market consolidation, the head of Poland’s financial sector supervisor (KNF) Andrzej Jakubiak said on Monday.

The comment comes after Poland’s largest lender PKO BP announced earlier this month a takeover of Nordea Bank Polska valued at 2.83 billion zlotys.

Poland’s overcrowded financial industry, majority owned by foreign players, has long been viewed as ripe for deals, with several parent companies expected to seek buyers of local units to boost their capital positions.

In recent years, Commerzbank’s BRE Bank, millennium BCP’s Bank Millennium, and Bank Pekao have all been tipped as potentially up for sale.

But transactions have been rare so far, with foreign banks being pressed to sell rather than to buy assets in Poland.

Jakubiak also said that PKO BP’s take over Nordea did not disrupt competition in Poland’s financial market.

“We have a big bank in a good condition and a relatively small lender being taken over,” Jakubiak told reporters, repeating that the room for major bank mergers is running out. (Reporting by Marcin Goettig; Writing by Agnieszka Barteczko; Editing by Mark Potter)

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