WARSAW--PKO Bank Polski SA (PKO.WA), Poland's largest lender by
assets, bought the local unit of Scandinavian bank Nordea Bank AB
(NRBAY, NDA.SK, NDA1V.HE) for 2.83 billion zlotys ($890 million),
the banks said late Wednesday.
PKO BP bought shares in Nordea Bank Polska bank as well as life
insurance company Nordea Polska Life and Nordea Finance Polska.
The price is still subject to change depending on Nordea
Polska's financial results. The transaction is subject to approval
by the Polish antitrust office and the financial-markets
regulator.
The Scandinavian banking group put its Polish unit up for sale
earlier this year and PKO BP had been one of the leading potential
acquirers, The Wall Street Journal reported at the time.
Over the next few days, PKO BP will announce a public tender for
Nordea Polska shares to buy out minority shareholders that own
0.79% in the bank.
Poland's banking sector, split between many small and
medium-sized lenders, is expected to go through a wave of
consolidation as international institutions leave the market due to
increasing competition, a slowing Polish economy and trouble at
home.
Dutch Rabobank recently sought suitors for its local unit BGZ,
according to local reports.
Write to Patryk Wasilewski at patryk.wasilewski@dowjones.com