Regional banks banks to merge by January
Two regional Polish banks, Dolnolšski Bank Regionalny (DBR) and Gospodarczy Bank Wielkopolski (GBW), plan to merge at the turn of the year, GBW said last week.
Both banks boards want to see the merger go ahead at the turn of 2001/2002 and we are making moves to realize this goal, said Grażyna Nader, a GBW spokeswoman.
DBRs supervisory council met last week and unanimously agreed to the merger and a preliminary timetable for its implementation. A council representative said the merger decision could be agreed and start to be realized without the need to call a general shareholders meeting.
The bank said it would choose an auditor to evaluate the merger in September and by the end of October intends to apply to the Banking Supervisory Commission for approval.
GBW officials said last week that a shareholders meeting would most likely be called at the start of January. Shareholders of GBW, the bank that is in effect taking over, would introduce a share issue for the current owners of DBR, who in return would then formally approve the merger.
GBW had planned to merge in the second quarter of 2001 with Bałtycki Bank Regionalny and DBR earlier signed a merger deal with Bank Gospodarki Żywnociowej (BGŻ), though neither came through.
GBW is one of Polands largest cooperative banks, with 107 outlets, against DBRs 28. GBW reported zł 312 million ($74.2 million) profits in the first half of 2001, on a balance of zł 866 million ($206 million). DBR reported zł. 68 million ($16.1 million) on zł. 358 million ($85.2 million) balance.
