The Pekao-BPH merger begins to take effect

Pekao SA will take over BPH outlets in the main cities, while the latter will retain and sell corporate banking, its company seat and the remaining branches (those in smaller towns). Despite the holiday season, the banks are working very hard on the merger in order to fulfill their promises stated in the agreement with the government. The government is to change the Banking Law by September so that the division of BPH is legal but they have not started working on the legislative changes yet. According to the agreement, the division and sales of BPH should be completed by June 2007. (Parkiet, p. 1) J.L.