Nordea Bank Polska-LG petro Bank merger cost now exceeds zł. 34 million

The Nordea Group, which is the strategic investor in Nordea Bank Polska, has promised to return the costs to the bank that it incurred during the merger with LG Petro Bank. In mid 2003, Nordea Bank Polska hoped that that the loss for this year would not exceed zł. 15 million. However, in the third quarter alone, it had to earmark zł. 13 million for reserves and restructuring foll owing the merger. As a result, the overall loss has increased to zł. 34.5 m illion. "We estimate that we will receive zł. 27 million from our strategic investor," said Nordea Bank Polska's president Włodzimierz Kiciński. It is still unclear in what form the refund will come, however it will take place no earlier than at the beginning of 2004. "This year we intend to conclude the merger, create the necessary reserves and introduce an integrated IT sy stem. Next year we are planning to expand our operations and the bank will be profitable," added Kiciński. (Puls Biznesu, p. 11) A.Z.