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14.01.2004

New brand for Polish bank BPH-PBK and sale of its subsidiary GBG

  • Our Polish subsidiary BPH-PBK (71.03%) gets a new brand "Bank BPH" as last step of integration of BPH and PBK   
  • Bank BPH sells its stake in GBG
  • Contrary to various media reports our Austrian 100% subsidiary Schoellerbank will not be sold

The Polish subsidiary of Bank Austria Creditanstalt (BA-CA), Bank BPH signed an agreement with Getin Holding to sell their 71.2 per cent interest in Górnośląski Bank Gospodarczy (GBG). The purchase price is PLN 255 million. The transaction is subject to approval by the competent authorities.

GBG is a regional bank operating in the south of Poland. Bank BPH has so far held a majority interest in GBG, which has total assets of some EUR 600 million. The bank operates a network of 46 branches and has 970 employees. The sale of GBG is part of Bank BPH's reorientation after the merger of BPH and PBK. The branch networks of Bank BPH and GBG overlap to a large extent. Bank BPH has decided to sell its stake in GBG because this is clearly the most profitable solution.

Bank BPH is the third-largest Polish bank with total assets of about EUR 9.5 billion (without GBG). The bank with its 11,500 employees serves 2.8 million Polish customers through its country-wide network of 475 branches. The market share in Poland is roughly 10 per cent.
 
Recent media reports on Bank Austria Creditanstalt planning to sell its Austrian private banking subsidiary Schoellerbank (100%) are wrong. Schoellerbank will definitely not be sold. Schoellerbank is an important player in the private banking business in Austria, it is well positioned and highly profitable. It plays an important role in a core business segment of Bank Austria Creditanstalt in the core market Austria.