Poland's PKO could buy merged Baltic business of Nordea, DNB

Representatives of Nordea and DNB in the Baltics at a joint press conference regarding their merger. August 2016. (Postimees/Scanpix)
11/13/2016 10:32 PM
Source: BNS
Category: Business

The Baltic operations of Nordea and DNB could be sold following their own merger to PKO, one of Poland's biggest commercial banks which bought the Nordea business in Poland three years ago, a Lithuanian news portal reported on Friday, citing unnamed sources.

The Polish bank purchased Nordea's operations in Poland for 694 million euros in 2013.

Contacted by the 15min.lt portal, representatives of PKO said the bank was planning new acquisitions abroad.

"PKO has just approved a new strategy," the news portal quoted Izabela Świderek-Kowalczyk, PKO's corporate communications chief, as saying. "It envisages expanding the business model abroad, thus supporting the interests of our clients."

"It would make a lot of sense, as the bank has already purchased Nordea in Poland," 15min.lt said, citing a source in Estonia.

Estonia is to accommodate the central headquarters of the merged Baltic operations of Nordea and DNB.

The merger of the operations of the two latter banks in Estonia, Latvia and Lithuania will produce the second largest bank in the Baltics. The process should be completed in the second half of 2017.

Signe Lonerte, Nordea spokesperson for the Baltic states, stated that the bank will not comment on rumors and speculations. Nordea and DNB will continue their work in the Baltics, she said.

Editor: Aili Vahtla

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