Dominet-ing the market

Belgian banking group Fortis will broaden its consumer-finance activities with the acquisition of a 100-percent stake in Dominet Bank. The transaction is subject to the approval of the Polish Banking Supervisory Committee (KNF).

"The international growth of our retail-banking activities is a pillar of Fortis' strategy, and therefore the acquisition of Dominet represents a step forward that will help us expand our activities in the interesting Polish market," said Jos Clijsters, CEO of Fortis retail banking. "Dominet will be part of the Fortis structure and I trust our enhanced offering in Poland will benefit both existing and future customers. We see a growth in Polish consumer finance, which is estimated at 13 percent. This will be an average yearly growth for all products by 2009," he added.

"The combination of Dominet's distribution channels, products and market knowledge with Fortis' experience will boost our presence in the Polish consumer-finance market and increase our market share," said Marc Luet, CEO of Fortis consumer-finance group.

While Fortis Bank Polska will still provide services for SMEs and individuals in the private-banking sector, Dominet will concentrate on cash and car loans as well as credit-card operations and will operate under its brand.

Dominet is a retail bank with 806 employees and has the 10th largest network of outlets in Poland, consisting of around 152 of its own branches as well as franchises. It has privileged relationships with over 2,000 car dealers, including Poland's largest network of Autotu used-car dealers.