Poland’s Alior Bank has agreed to purchase Bank BPH’s core bank from General Electric (GE) in a deal worth PLN1.23bn ($331m).
The core bank comprises of the non-mortgage banking assets of Bank BPH and associated employees.
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The price paid by Alior Bank for the acquisition will be 0.93 times the book value of BPH. The combined entity will manage PLN60bn in assets.
GE will however, retain BPH’s $3.9bn mortgage portfolio and its asset management unit BPH TFI.
Majority of Bank BPH’s workforce and branches will join Alior Bank as part of the transaction.
The deal, scheduled to be completed in the fourth quarter of 2016, is subject to regulatory approvals.
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By GlobalDataAlior Bank CEO Wojciech Sobieraj said: "Signing of the agreement to acquire the Bank BPH’s core business confirms earlier announcements that Alior Bank will actively participate in the consolidation of the banking sector. Thanks to the transaction the Bank will acquire an attractive and complementary to its business part of Bank BPH. The merger of the two banks will enable the achievement of significant synergies, as well as a further increase in efficiency."
