BCP closes merger of banks in Poland
Transfer of the assets and liabilities of Euro Bank and Millennium Bank will now take place. The next step will be the rebranding and migration of customers to a single banking system.
BCP has closed the merger of the two banks it owns in Poland. After buying Euro Bank in May, the bank led by Miguel Maya began the integration of this financial institution into the bank it already owned in the country, Bank Millennium. The merger was registered this Tuesday.
“Banco Comercial Português, S.A. informs that the merger of Bank Millennium S.A., a 50.1% subsidiary, with Euro Bank S.A. was registered today [Tuesday],” the bank announced in a statement to the Securities Market Commission.
The acquisition of 99.8% of Euro Bank by Bank Millennium (from a subsidiary of Sociéte Générale for 428 million euros) was approved in June by the Polish Financial Supervisory Authority. The merger plan began, which involves the transfer of assets and liabilities from Euro Bank to Bank Millennium, which will now be implemented.
“As a result of the merger, the ownership of Euro Bank (all assets and liabilities) will be transferred on the day of the merger to Bank [Millennium]. The next step of the integration will be the operational merger, which means a rebranding and migration of customers to a single banking system,” adds BCP in the same statement.
