July 30, 2020 / 11:46 AM / in 15 days

Poland's mBank says it expects no consolidation wave now

FILE PHOTO: Commerzbank's Polish unit mBank's logo is seen in Warsaw, Poland October 31, 2019. REUTERS/Kacper Pempel

WARSAW (Reuters) - Even though Polish banks remain under pressure due to near zero interest rates and an economic slump, the chief executive of Commerzbank’s (CBKG.DE) Polish unit mBank (MBK.WA) said on Thursday he saw no consolidation in the near future.

“People are holding their hands in their pockets instead of rushing on acquisitions... I would not expect such business-justified moves in the next several months,” Cezary Stypulkowski told a teleconference with analysts and media.

Reporting by Marcin Goclowski and Pawel Florkiewicz; Editing by Alan Charlish

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