Alior to purchase local units of foreign banks

Polish commercial lender, Alior Bank is planning to acquire local units of HSBC, RBS , DZ Bank, and SK Bank Wolomin, Rzeczpospolita daily reported. A few days ago, the media informed that Alior was negotiating the takeover of a bank and  carrying out  due diligence of one another. The acquisitions, expected to be completed in Q1 2016, are to be covered from the issue of subordinated debt. "We are eyeing two small banks, which are not linked to PZU, and will likely have no impact on Alior's profits," Wojciech Sobieraj, head of the lender, said earlier.

According to Rzeczpospolita, Alior was said to be in talks to buy the Polish unit of Austria's Raiffeisen and Bank BPH, a unit of General Electric. This is because foreign lenders, who control 60 percent of the sector, are aiming to exit the Polish market.