Keeping the Italians waiting

UniCredito, which already controls the country's second-largest bank, Pekao, asked the banking supervisor for permission to exercise HVB's 70 percent control in BPH to buy out minorities two months ago.

"Our policy is to examine every application equally meticulously. This case is just like any other," said the head of banking supervision, Wojciech Kwaśniak.

"It usually takes two months if all necessary documents are delivered. In practice, it might sometimes take between two and five months," Kwaśniak added.

The move is part of a wider strategy that will see UniCredito buy out Germany's HVB in Europe's biggest cross-border banking takeover.

It wants to merge BPH with Pekao to create Poland's and Central Europe's largest bank with assets exceeding zł.113 billion and a total market value of around zł.49 billion.

The plan has stirred controversy in Poland because it is expected to result in job losses, with some reports suggesting as many as 6,000 posts could go.

Before the general election, the victorious Law and Justice (PiS) party called on the supervisor to block the deal. Analysts have also speculated that the authorities are reluctant to approve the deal because it would undermine the leading position of Pekao's arch rival, state-controlled lender PKO Bank Polski.

"Our decisions have never been influenced by statements of politicians. We follow regulations," Kwaśniak said. (Reuters)