KNF approves BNP Paribas and BGŻ merger

The Polish financial watchdog KNF has given the green light to the merger of two lenders operating in Poland, BGŻ and BNP Paribas, the office informed. BNP Paribias will acquire 98.5 percent of BGŻ shares, worth PLN 4.2 billion. The legal merger should be concluded before the end of June 2015. In the course of the merger, all BNP Paribas Bank Polska assets will be transferred to BGŻ, in exchange for a new share issue. BGŻ will issue 28,099,554 shares, with a face value of PLN 1 each, which will be offered to the shareholders of BNP Paribas Bank Polska.