BGZ Bank and BNP Paribas Bank Polska Merge

"The formal merger of the two complementary banks marks the creation of a new, strong institution on the Polish market. BGZ Bank BNP Paribas leverages the strengths of the century-old BGZ Bank and BNP Paribas Bank Polska, long-standing member of the international group" — said Józef Wancer, President of BGZ Bank BNP Paribas. "The merger has created a universal bank offering services tailored to the needs of various client groups, including private individuals, micro, small and medium-sized enterprises, as well as corporate clients, with special focus on the agri-food sector" — added Józef Wancer.

"The creation of BGZ Bank BNP Paribas gives us the opportunity to further develop in the promising Polish banking market. We believe Poland will continue to grow rapidly, and the new bank, backed by the expertise and global experience of the BNP Paribas Group, will better serve the Polish economy and increase its market share by offering clients products and services of the highest quality" — said Jean-Paul Sabet, Deputy Chief Executive Officer of International Retail Banking at BNP Paribas and Chairman of the Supervisory Board of BGZ Bank BNP Paribas.

The merger requires no action from clients of the former BGZ Bank and former BNP Paribas Bank Polska. Contracts signed with the banks remain valid and do not require any amendments. Bank account numbers remain unchanged, and all active cards and PIN numbers continue to be valid.

In the coming months, a rebranding and unification of the BGZ Bank BNP Paribas offering is planned. At present, the banks operate under separate brands — BGZ Bank and BNP Paribas Bank Polska. According to the plan, operational integration leading to a unified organization will be completed by the end of 2016.

BGZ Bank BNP Paribas is the seventh-largest bank in Poland with total assets amounting to 63.6 billion PLN. The bank is listed on the Warsaw Stock Exchange (WSE), but currently — due to the merger process — trading of its shares is suspended. The bank intends to promptly submit the necessary applications to the WSE and the National Depository of Securities (KDPW) to enable resumption of share trading.

Pro-forma Consolidated Bank Results for 2014

Assets EUR 14.5 billion (USD 15.7 billion)
Deposits EUR 10.7 billion (USD 11.5 billion) (+22% vs 2013)
Loans EUR 11.4 billion (USD 12.2 billion) (+14% vs 2013)
Revenue EUR 549 million (USD 590 million)
Costs/Income (C/I) 68%
Gross Profit EUR 80 million (USD 85 million)
Total Capital Requirement 13.63%