KNF approves takeover of Bank BPH by Alior
15:34
Commercial lender Alior Bank was granted with approval from financial regulator KNF for the takeover of Bank BPH, the watchdog informed in a statement.
BPH assets, save for the mortgage portfolio and fund manager BPH TFI, will be transferred to Alior. The remaining parts of the bank will be kept by GE Capital, the current owner of BPH, a statement read.
Subscriptions will be held from August 1 to 16. The transaction is expected on August 19, due for settlement on August 24.
On July 11, Alior Bank announced a tender offer to buy 66 percent of the shares in Bank BPH at PLN 31.18 per share (which was later revised to PLN 31.19 per share). The offer was a part of the acquisition of domestic rival BPH's core business, making Alior the ninth-largest lender in Poland.
