PKO BP concludes takeover of Nordea Bank Polska
April 2, 2014
Poland’s top lender PKO BP concluded the takeover of Nordea's Polish assets for a total of PLN 2.81 billion, the bank said after the concluded tender offer on Nordea Bank Polska.
Legal merger with Nordea Bank Polska will be carried out at the beginning of October 2014 but full integration will be completed in H1 2015, the bank said.
Nordea Polska TUnZ insurer will remain a separate unit within PKO BP capital group, functioning under PKO brand, while Nordea Finance Polska will be merged with PKO Leasing, the statement said.
Nordea's FX loan portfolio worth PLN 15.2 billion will be refinanced over seven years, PKO BP said in the statement, citing an agreement signed on April 1, being one of the conditions of the deal.
PKO BP said it wanted to 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 back in June 2013. The acquisition of Nordea Bank Polska was carried out via a tender offer that was concluded on Tuesday.