Poland Agency Delays UniCredit Decision

Poland Agency Delays UniCredit Decision

Poland's banking authority delayed a decision Wednesday on whether Italy's UniCredit should be granted majority voting rights in BPH, the third-largest Polish bank.

The Banking Supervisory Commission's decision further stalls the merger of BPH with Poland's second-largest bank Pekao SA under Italian lender UniCredit, part of a larger deal between UniCredit and German Bank HVB.

Finance Minister Zyta Gilowska, who took part in the commission's meeting, told reporters the decision was delayed until March 15.

However, National Bank chief Leszek Balcerowicz later said no decision was guaranteed next week, when the seven-member commission resumes deliberations.

Also on Wednesday, EU regulators said they started legal action against Poland for trying to block the planned bank merger.

The European Commission said Poland may have broken EU rules on the free movement of capital and the right of companies to do business anywhere in the 25-nation bloc when it refused to clear the Polish part of the pan-European banking tie-up.