Yesterday, the Polish Financial Supervision Authority KNF approved the application of Raiffeisen Bank Polska to merge with its full subsidiary Polbank EFG. The legal merger of the two banks is scheduled for the turn of the Polbank i raiffeisen 2012. In order to fully leverage synergies that arise of the joint operation, as well as to acknowledge the currently rather cautious outlook for the domestic economy, new regulations and reduced demand for conventional banking services, the new bank will undergo a restructuring programme.
This programme will comprise, among other issues, the reduction of the joint workforce and the closing of a limited number check this out branches. Polbank i raiffeisen 2012, new staff will not be hired to replace those leaving on their own. Some branches located in direct proximity to each other, therefore providing no additional benefit to customers, will also be closed.
This is why the overlap between the banks is rather limited. Still, a merger process always entails redundancies in processes, structures and, Polbank i raiffeisen 2012 least, staff. The merger between Raiffeisen Bank Polbank i raiffeisen 2012 and Polbank EFG combines the excellent international standing of Raiffeisen as a financial brand with the high recognition of Polbank in the local market, as well as the pure retail footprint of Polbank with the strong position of Raiffeisen Bank Polska in the corporate and SME segment.
RB International Finance USA LLC. Approval is starting point for unification of market check this out and operational merger process. Cost synergies to be achieved by optimization of the branch network and the staff number, among other measures.