Reported merger would create 3rd biggest leasing firm

According to reports, it is now very likely that a merger will take place be tween BSK Leasing and ING Lease, both members of the ING Group. According to the Puls Biznesu daily, although no formal discussions on the matter have be en held yet, executives of the two companies admit that it makes no sense fo r two leasing companies that will soon have a similar name and logo, to co-e xist. However, both companies indicate that a deal will not be concluded soo n. President of BSK Leasing, Andrzej Kosecki, pointed out that a fast merger would cause the companies losses, because of differences in the tax systems under which they operate. CEO of ING Lease, Krzysztof Bielecki, said that no binding decisions would be taken before the beginning of next year. He added that the fusion would probably take the form of a portfolio takeover, rather than a direct merger. BSK Leasing and ING Lease recorded net values of lease d assets last year of zl.369 million and zl.363 million respectively, and a merger between them would create Poland's third biggest leasing firm. (Puls Biznesu, p. 3) M.K.