Cooperative banks join forces to bolster independence

A group of six regional cooperative banks controlling 66% of their sector's assets late Wednesday night established an alliance, with the ultimate objective of bolstering control over their banks' fates and escaping Bank Gospodarki Zywnosciowej's (BGZ) dominance. According to president of Gospodarczy Bank Poludniowo-Zachodni, Pawel Siano, the decision about setting up an independent group of cooperative banks comes in response to BGZ's privatization plan. The plan calls for cooperative banks to invest heavily in BGZ without giving them real influence on management of BGZ. The merger of the six is to be completed by the end of June this year. (Prawo I Gospodarka, pp.1,9) A.D.