WBK and BZ to merge as Bank Zachodni WBK

Rzeczpospolita has learned that Wielkopolski Bank Kredytowy (WBK) and Bank Zachodni (BZ) will officially announce their merger today. The deal may take place in the first half of next year. According to unofficial sources the dominant partner will be Bank Zachodni and the newly created entity, situated in Wroclaw, will operate under the name Bank Zachodni WBK, with current WBK head Jacek Ksen as its chairman. Both WBK and BZ are controlled by Irish AIB and are of similar size. In a ranking of banks according to capital, Rzeczpospolita placed BZ 10th and WBK 12th. After the merger the new bank will rank 7th, overtaking BIG Bank Gdanski, Bank Slaski and Kredyt Bank. As of June 30 this year, WBK's capital was zl. 881.3 million, with a balance sheet total at zl.12.8 billion. The bank has over 4,300 employees. BZ had capital of zl. 937.4 million during the same period, and its balance sheet was zl. 9 billion. Together the two banks operate a total of 370 outlets throughout the country. (Rzeczpospolita, page B5)