PKO BP Bank to buy Nordea's insurance unit
February 27, 2014
PKO BP Bank received a regulatory go-ahead for the takeover of life insurer Nordea TUnZ, while the takeover of Nordea Bank Polska will be discussed during an additional sitting on March 3, 2014, financial watchdog KNF said in a statement.
"At an additional sitting on March 3, 2014 the KNF will continue works on the motion regarding the planned acquisition of Nordea Bank Polska shares in relation to the KNF's request for additional clarifications and declarations," the regulator said.
PKO BP announced on June 12 that it would buy 99.21% in Nordea Bank Polska for PLN 2.642 billion, 100% in life insurer Nordea TUnZ for PLN 180 million and 100% in leasing and factoring firm Nordea Finance Polska for PLN 8 million. PKO BP received the consent for the transaction from anti-monopoly office UOKiK on October 15.
While awaiting the KNF's decision, PKO BP relaunched a tender offer on all 55.5 million shares of Nordea Bank Polska at PLN 47.99 per share in December 2013. Subscription period in the tender has recently been extended to April 1, 2014.