Alior Bank to acquire GE's Polish bank assets.
Global Banking News-April 5, 2016--Alior Bank to acquire GE's Polish bank assets
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Global Banking News - 05 April 2016
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Poland-based commercial bank, Alior Bank, has agreed to acquire GE Capital's (NYSE: GE) majority stake in Bank BPH's Core Bank, the BBR has reported.
The transaction, which is subject to regulatory approvals, is expected to close in the fourth quarter of 2016. Financial terms have not been disclosed.
As part of the transaction, Bank BPH will be transformed into two separate operating units, the Core Bank and the Mortgage Bank, upon which the Core Bank will be merged into Alior Bank. The Core bank will cover the non-mortgage banking assets of Bank BPH and the employees associated with those businesses.
GE will retain USD3.9bn of mortgages in the Mortgage Bank unit and BPH TFI, the bank's asset management business, the report noted.
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