PeKaO Acquires Bank BPH, Remains To Be Auctioned

The two Polish subsidiaries of UniCredito Italiano, PeKaO and Bank BPH, have integrated their activities. BPH has de merged and spun off into PeKaO and will auction the rest of its remains in the third quarter of 2007. In June

By None

The two Polish subsidiaries of UniCredito Italiano, PeKaO and Bank BPH, have integrated their activities. BPH has de-merged and spun-off into PeKaO and will auction the rest of its remains in the third quarter of 2007.

In June 2007, PeKaO is expected to offer new shares to Bank BPH shareholders. Each BPH shareholder will receive 3.3 newly issued ordinary shares of PeKao.

Though there are multiple potential bidders, Credit Agricole is expected to buy the new Bank BPH. The spin off must be approved by the General Meeting of PeKao and Bank BPH and the Polish authorities.

«