Inteligo takeover heralds Bankgesellschaft Berlin withdrawal from Poland

Bankgesellschaft Berlin (BGB) Polska, the Polish unit of Germany's Bankgesellschaft Berlin, announced yesterday that it was purchasing a 51% stake in virtual bank Inteligo, in an initial move leading to its withdrawal from the Polish market. Acquisition of the stake, bought from a number of private investors and two small investment funds, gives BGB a 100% holding in Inteligo. Jahannes Evers, a member of the Bankgesellschaft board, declined to reveal the price paid for the stake, saying only, "We offered the shareholders good financial conditions." He explained that the purchase will allow Bankgesellschaft to ask a higher price for Inteligo, while increasing the value of its Polish unit. Evers also said there is great interest, mostly among foreign financial institutions, in taking over its Polish operations. Gazeta Wyborcza reports unofficially that Commercial Union is the leading candidate to take over BGB Polska and Inteligo. President of Commercial Union Polska, Jaroslaw Myjak, refused to comment on whether the company was in talks with BGB. However, he did admit that Commercial Union has been preparing to launch banking operations in Poland. (Gazeta Wyborcza, p. 25) P.W.