PKO BP cleared by financial watchdog to take over Nordea Bank Polska assets
March 4, 2014
Poland’s top bank PKO BP received the green light from financial market regulator KNF to take over Nordea Bank Polska assets, KNF said in a statement.
"When processing the motion, the KNF took into account, among others, PKO BP's development strategy and the support declared by the State Treasury, including investor responsibilities related to a cautious and stable functioning of the bank as well as the agreed elements of support for the process of takeover by the seller - Nordea Bank AB," the statement read.
PKO BP agreed to buy Nordea's Polish assets, comprising Nordea Bank Polska, local life insurer Nordea TUnZ and Nordea Finance Polska for PLN 2.83 billion from Swedish lender Nordea AB on June 12, marking its first ever takeover.
PKO BP received the consent for the transaction from anti-monopoly office UOKiK on October 15.