Alior buys Meritum Bank

Polish lender Alior Bank has signed an initial agreement to take over 97.9 percent shares in Meritum Bank, standing for 95 percent of the voting power, for PLN 352.5 million, the bank said in a statement on Tuesday. The sellers are Innova Financial Holdings, WCP Coöperatief and the European Bank for Reconstruction and Development. As part of the transaction, Innova and WCP  Coöperatief will also acquire newly issued shares in Alior Bank for a total cash consideration of PLN 172.66 million. The takeover is subject to approval from anti-monopoly authorities and from the Financial Supervision Authority.