KNF approves merger of BGŻ BNP Paribas and Sygma Bank

The Polish Financial Supervision Authority (KNF) has approved  the merger of Bank BGŻ BNP Paribas with Sygma Bank Polska and the transfer of all Sygma's assets to BGŻ BNP Paribas, the KNF reported. BNP Paribas estimated synergies related to the merger with Sygma Bank at PLN 86 million as of 2018, including cost synergies of PLN 31 million. Earlier in March, BGŻ BNP Paribas announced the intention to merge with Sygma Bank. Sygma Bank Polska has 1 million active retail clients, its credit portfolio amounts to PLN 1.4 billion. BGŻ BNP Paribas is Poland's eighth-biggest lender by assets.