Brokerage houses anxiously await their fate after UniCredito - HVB deal

UniCredito is the owner of Pekao's Centralny Dom Maklerski (CDM), while HVB controls the brokerage house of BPH, as well as CA IB. The brokerage houses from the HVB capital group do not compete with each other, as CA IB concentrates on large customers and does not have any outlets, whereas BPH brokerage house is focused solely on retail customers. CDM is active in both segments. Representatives of all three institutions refused to comment on the consequences of the merger, claiming it is still too early to speculate. "A giant will be formed. Such a share by one institution is very rare," said Maria Dobrowolska, the president of the Chamber of Brokerage Houses (IDM). Analysts claim that the merger of the three companies is inevitable as there is no sense in maintaining the operations of all three in one country. (Parkiet, p. 1) A.K.