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Two Polish Banks to Merge

September 25, 2001

WARSAW, Poland (AP) _ Shareholders in Poland’s Powszechny Bank Kredytowy SA and Bank Przemyslowo-Handlowy SA on Tuesday approved a merger which will create the country’s third largest bank.

``The new bank will be able to compete effectively with the largest banks in Poland,″ said Jozef Wancer, BPH president. ``The merger will also spur development of banking in Poland, especially in the sector of house loans.″

The new bank, Bank Przemyslowo-Handlowy PBK SA, will have total assets of about $9.8 billion.

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