EC approves BGŻ takeover

The European Commission has approved the BNP Paribas Fortis takeover of Bank Gospodarki Żywnościowej. The Fremch lender bought 98.5 percent stake in BGŻ for PLN 4.2 billion in December 2013, from Dutch peer Rabobank. The EC did not have any objections to the merger as “total market share of both lenders in Poland is very low.” After the tgakeover BNP Paribas Fortis will have some 4.3 percent market share in Poland.