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PKO BP and PZU to form national champion?

Andrzej Podsiadlo, the head of the number one retail bank PKO BP, announced on Friday that he is interested in creating a leading bankassurance group through a merger with PZU. He emphasized however, that this is only one of the possible ways of privatizing the bank.

Podsiadlo said that such a strong financial group would not only be able to stimulate the stagnant economy, but could also compete on the single European market. He was careful to point out that his idea only makes sense if apart from a capital union there is real strong business cooperation between the two companies.

The merger idea is supported by PZU president, Zdzislaw Montkiewicz, according to whom each country should strive to develop strong financial groups.

(WBJ 14.iv.03)

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