ECONOMY

Brussels clears merger of Eurobank’s Polish subsidiary

The European Commission cleared on Thursday the proposed merger of the respective Polish bank subsidiaries of Raiffeisen Bank International of Austria (RBI) and EFG Eurobank Ergasias of Greece.

The Commission said its investigation has shown that the merger of Raiffeisenbank Polska S.A (RBPL) and Polbank, does not raise any competition concerns in the Polish banking and insurance markets where both are relatively small to medium players.

Under the proposed transaction each of RBI and EFG would as a first step exchange shares in their respective Polish subsidiaries RBPL and Polbank and then as a second step, merge Polbank into RBPL.