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Polish bank BZW doesn't need takeovers to achieve profit growth
July 31, 2014 / 9:17 AM / 3 years ago

Polish bank BZW doesn't need takeovers to achieve profit growth

WARSAW, July 31 (Reuters) - Poland’s No.3 lender Bank Zachodni WBK will look at takeover opportunities in Poland, but does not need to do deals to achieve its target of profit growth, the group’s chief executive said on Thursday.

“If there’s a right occasion, then together with our colleagues from Santander we’ll look at it, but the critical mass we already achieved is so big that it’s not a condition for further growth,” CEO Mateusz Morawiecki told Reuters.

He added the bank, which built its position by a series of local takeovers by its owner, Spain’s Banco Santander, expected to book a net profit this year larger than last year’s 1.86 billion zlotys ($598.4 million). ($1 = 3.1085 Polish Zlotys) (Reporting by Marcin Goclowski; Writing by Adrian Krajewski; Editing by David Holmes)

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