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Amendment of the Banking Law in Poland

The amendments to the Polish Banking Law have come into force permitting de-mergers of banks by spin-off. Therefore, consistent with the Agreement between the Polish Ministry of State Treasury (MST) and UniCredito Italiano S.p.A.(UCI), UCI intends to integrate its banking business in Poland through the de-merger of Bank BPH S.A. by spinning off part of its assets to Bank Pekao S.A. in exchange for shares in Bank Pekao S.A. to be issued to the shareholders of Bank BPH S.A. 

Next step for UCI will be to submit the report on Separated Elements to the MST. Then the implementation of the integration process will require the relevant corporate bodies of both Bank BPH S.A. and Bank Pekao S.A. to follow the procedures set forth in the Polish law.

Today representatives of MST and UCI have met to discuss next steps and progress of the transaction.


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