Nordea Bank Polska shareholders meet to decide on BWP Unibank merger

Shareholders of Nordea Bank Polska will decide today on whether to approve a merger with Bank Wlasnosci Pracowniczej Unibank (BWP Unibank). Both Nordea and BWP Unibank belong to the same financial group, MeritaNordbanken, and so joining forces is considered a natural development. Through their merger the two hope to gain a 5% share of the retail banking market. Nordea Bank Polska's capital reserves currently stand at zl.172.4 million, while BWP Unibank owned zl.43 million at the end of 2000. According to Marcin Materna from Brokerage House BIG BG, "A certain synergy effect can be achieved, and costs may be seriously reduced. Bank mergers are always beneficial." (Puls Biznesu, p. 10) P.W.