EC approves

The Commission announced that the deal will not have a significant influence on competition in the European Economic Zone. The Commission admitted that the activities of the merging banks' local branches partly coincide in Poland, Slovakia and Czech Republic, but it stressed that on these markets the new institution will still have to face strong competition.

The merger is of significant importance to the Polish banking sector as it will entail the fusion of Pekao SA, owned by UniCredito with BPH bank, belonging to HVB Group. This in turn means that the market will be dominated by only two players, the new formation and the hitherto leader PKO BP. Moreover, it is estimated that as the result of the fusion 6,000 employees will be made redundant.

Poland and Croatia are the only countries who have not yet approvated the merger.