Polish banks agree to merge by year's end

Article Abstract:

Bank Rozwoju Eksportu SA (BRE) and Bank Handlowy w Warszawie SA have reached an agreement to merge their operations by the end of 1999. The planned merger will be done as a partnership. Under the terms of the deal, BRE will exchange its assets for stock that will be issued by Bank Handlowy for shareholders in BRE. All of BRE's stockholders will be given 2.6 shares of Bank Handlowy in return for one BRE share.

Comment:

BRE and Bank Handlowy to merge operations by end of 1999

Bank Rozwoju Eksportu S.A.

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Commerzbank said to lift to near 10% its Handlowy stake

Article Abstract:

Commerzbank AG has increased its share of Bank Handlowy to nearly 10%. The firm previously held 5.25% of Handlowy. Commerzbank increased its share buy purchasing shares by way of the market. Handlowy is proposing to merge its operations with BRE Bank SA. Commerzbank is an approximately 49% owner of BRE. The merged banks will have the name Bank Handlowy.

Asset sales & divestitures, Foreign operations, Russia, Commerzbank AG

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