Unicredit and government finalize Pekao-BPH deal

The Italian company will need to sell investment fund TFI BPH and their share in retirement fund OFE CU, as the law does not allow a bank to have shares in more than one pension fund. Investment fund TFI BPH, with the fifth position in the market, has a 7% market share and is worth about zl.230-240 million. The sales of OFE CU (in which BPH has 10% stake) could reach zl.200 million. It was also revealed that the 200 branches to be sold will not consist of BPH outlets exclusively, but will also include some Pekao branches. The new BPH bank is to consist of these 200 branches. The execution of the agreement, though, will have to wait for a change in the law, which currently does not allow a bank to be divided. (Puls Biznesu, p.9, Parkiet,p.1) J.L.