French banking giant BNP Paribas has received approval from the Polish financial regulator to merge BNP Paribas Polska with Bank BGZ, removing the last remaining hurdle to the merger.
As a part of the merger, the French bank is planning to cut up to 1,800 jobs in Poland, according to Reuters.
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The bank had to set a maximum level of job losses under local regulations, the news agency quoted a spokesman of the French bank as saying.
"The limit was set during the discussions. The plan runs over two years and it’s absolutely not certain to reach 1,800. It’s a maximum," the spokesman said.
The merged bank, named Bank BG? BNP Paribas, will become one of Poland’s top ten largest banks.
BNP Paribas has acquired Bank BGZ from Rabobank in 2014 $1.19bn as part of a strategy to expand in higher-growth markets.
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