The Merger of Bank BPH and GE Money Bank was registered today by District Court in Krakow. The legal merger was thus completed.
The merged Bank has bigger growth potential: a full range of products will be offered to customers through a variety of distribution channels. The merger facilitates capitalizing on the strengths of both companies.
"Customers of both Banks receive access to a bigger distribution network and a larger choice of banking products", said Joseph Wancer, President of the Management Board and CEO of Bank BPH. "I want to thank all the people who worked for many months towards today's success. The merger paves the way for us to further, stable growth."
"With this final step behind us, we now look forward to integrating the two banks to maximize returns for all investors in BPH, and providing Polish customers with superior products and services," said Dmitri Stockton, President and CEO of GE Capital Global Banking.
Bank BPH aspires to become a top-5 bank in Poland and a bank of choice for individual customers, SMEs and mid-cap corporates. According to the Strategy adopted in July, the Bank aspires to reach ROE of 17% or above, and Cost/Income ratio of below 50% by 2012.
For the existing Customers of both banks the legal merger does not cause changes in every-day operations:
* account numbers remain the same,
* all agreements remain valid and not require an annex,
* login details to Sez@m, BusinessNet and GEM24 internet banking and operating pattern of systems remain the same,
* debit cards and credit cards remain valid and their service remains the same.
For the Customers of GE Money Bank, the merger with Bank BPH means a change of name and logo, as the merged Bank operates as Bank BPH, and under the brand that was introduced for Bank BPH at the beginning of November.
Bank BPH has currently over 300 own branches and the network of partner outlets and universal agencies all over Poland.
The Merger of Bank BPH and GE Money Bank took place under Art. 124 § 1 and § 3 of the Banking Law, in connection with Art. 492 § 1 item 1 of the CCC, by transferring all of GE Money Bank's assets and liabilities to Bank BPH.
Aleksandra Kwiatkowska