January 16, 2020 / 5:00 PM / 12 days ago

Erste Group will not bid for Commerzbank's Polish unit mBank

FRANKFURT, Jan 16 (Reuters) - Austria’s Erste Group has decided not to submit a nonbinding offer for Commerzbank’s Polish unit mBank, a spokeswoman for the lender said on Thursday.

“Given the complexity of the deal structure and limited synergies with our existing operations, the decision is not to make an offer,” she added.

Commerzbank, Germany’s second-largest lender behind Deutsche Bank, aims to sell its 69.3% stake in mBank, Poland’s fourth-largest lender by assets, by the end of the year.

First-round bids are due this month, people familiar with the matter have said.

Poland’s biggest bank PKO BP and a consortium of insurer PZU and its subsidiary Pekao are expected to bid as is France’s Credit Agricole . (Reporting by Alexandra Schwarz-Goerlich; Writing by Arno Schuetze; Editing by Christoph Steitz)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below