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Nordea Bank AB Divests Its Polish Banking, Life and Financing Businesses to PKO Bank Polski

Wednesday, 12 Jun 2013 01:30pm EDT 

Nordea Bank AB announced that the Company has decided to divest its Polish banking, financing and life insurance operations, including Nordea Bank Polska S.A., Nordea Finance Polska S.A. and Nordea Polska Towarzystwo Ubezpieczen na Zycie S.A., to PKO Bank Polski for EUR 694 million. Through the sale, Nordea intends to meet its financial targets and to concentrate on markets where it can deliver a superior customer experience and significant scale benefits based on a leading market position. The transaction is expected to be completed during 2013 and is subject to regulatory approvals. Until then, customers will continue to be serviced by Nordea Bank Polska as part of the Nordea Group. PKO Bank Polski will launch a public tender offer for the shares in Nordea Bank Polska S.A. in compliance with local stock exchange regulations. As a result of the transaction, the Nordea Group expects to report its Polish operations as discontinued operations from the Q2 report. The Nordea Operations Centre in Lodz and the Polish pension fund company will not be affected by the transaction. 

Company Quote

-0.9 -1.02%
11:29am EDT