BNP completes BGŻ takeover. Hopes to increase its profits in Poland

French BNP Paribas completed the PLN 4.5 billion takeover of Bank Gospodarki Żywnościowej from Dutch Rabobank. The deal should bring BNP’s market share in deposits to some 4 percent. Because of the acquisition, BNP hopes to increase its profitability in Poland to a double-digit figure by 2017, Jean-Paul Sabet, deputy head of international retail banking at BNP said to Reuters. “We have looked at different options and we were able to get with BGZ an acquisition price, a price-to-book value, at a very reasonable level,” Jean-Paul Sabet told Reuters in an interview.