UOKiK states the acquisition would not limit competition in the banking sector.

Poland’s Office of Competition and Consumer Protection (UOKiK) has approved PKO PB to move forward with the acquisition of SKOK WESOŁA, a savings and credit union. PKO BP is participating in a tender announced by the Polish Financial Supervision Authority. The winner will take control of SKOK Wesoła, in accordance with the assistance programme approved by the European Commission.

PKO BP heads a capital group that engages in financial services including investment banking and brokerage services, life insurance, debt collection, and real estate development and management. SKOK Wesoła’s business model involves collecting funds from its members, extending them loans and credit, and carrying out on their behalf financial settlements and mediating insurance contracts.

The two financial institutions currently compete on the deposits and consumer loans to households markets and also both offer intermediation in the sale of insurance services. However, UOKiK has stated the acquisition will not significantly restrict competition on any of these markets because PKO BP’s share would increase only marginally.

Additional information for the media:

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Phone.: +48 22 827 28 92, +48 22 55 60 314, +48 22 55 60 430
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