Wilkowicz: Poland begins domesticated banks – Forsal.pl

The next two PZU wants to create an institution that will enter the top five of our banking market. Taking into account the declarations of the president-elect of the election campaign of repolonizacji the banking sector, PZU could not find any better at the moment of announcement of purchase of the bank (Treasury Minister Wlodzimierz Karpinski also immediately supported the purchase: “It’s time for repolonizację financial sector, ie the use of Polish capital in its consolidation and building values ​​”).

Sam the purchase of Alior this is not repolonizacja. Although today the largest shareholder is there Italian holding Carlo Tassara, but it belongs to Romain Zaleski – the son of Polish immigrants. And above all, it is in Poland is the center of decision-making Alior . There is no policy of international financial group, which credit losses in one country may reduce lending to businesses and consumers in Poland. And just combat such phenomenon is the primary goal repolonizacji – as it was conceived after the outbreak of the crisis, a few years ago.

Repolonizacja will instead place when PZU manages to buy from foreign owners more banks. It is known that for sale are Polbank and Raiffeisen Bank BPH. If the purchase is successful, then … we can see in practice that the domestication of banks will bear fruit, to which they counted the creator of the concept.

Head PZU repeats, however, that in entering the The banking market is not politics. It’s just business. It is about creating additional value for shareholders of the insurer. Andrzej Klesyk no secret that counts primarily on cost synergies. Are savings that will, for example. That instead of three central bank will be one (instead of three boards – or one) that the combined bank will be able to reduce the number of facilities that will be easier for him to make purchases. To create a more effective organization, however, will involve, for example. The reduction of employment. Alior, BPH and Raiffeisen last year They employed a total of approx. 17 thousand. people. Roughly counting about one third more than comparable with them in terms of scale of operation (really – a bit larger), Bank Zachodni WBK.

Whether and how much you earn PZU to create a large banking group will, however, in large largely depended on what terms will buy individual banks. Alior is not bought cheaply – taking into account the rate of price to book value – is one of the most expensive of the banks listed on the Warsaw Stock Exchange. But other elements of banking puzzles will certainly be bought for relatively less money.

There remains the question of whether the consolidation will benefit clients. It is probably the biggest mystery, though you might guess that the offer would be consolidated, in such a way that benefited mainly PZU shareholders. But we also repolonizacji element (perhaps for example. Will be easier for credit – not only in the new bank, but the entire market). And one more thing: Although the concentration of the banking sector does not necessarily translate into a reduction in competition (there are markets where there is little banks, and the competition is fierce), but Polish customers have a choice of fewer and fewer banks. A few years ago we were more than 50. After the merger of three under the wings of PZU is 36.