Poland's Bank BPH to merge operations with GE Money by end 2008 - CEO

WARSAW, Nov. 14, 2007 (Thomson Financial delivered by Newstex) -- Poland's third biggest lender Bank BPH expects the legal side of its sale to GE (NYSE:GE) Money to be completed in the first quarter and said it should be fully integrated with the US-owned bank's operations by the of 2008, its chief executive said today.

Speaking after third quarter results beat expectations, the bank's long-time chief Jozef Wancer said the bank as a whole should generate 2 bln zlotys in gross profit this year as it prepares to split its assets between current owner Unicredit and GE Money.

'After the spin-off, which will happen (legally) at the end of November, in the first quarter of next year, we should complete the sales transaction of BPH to GE Money,' Wancer told reporters.

'From an operational point of view, the whole process of the merger should be completed by the end of 2008. If we were not to complete the divide, the whole of BPH this year would reach a gross profit of more than 2 bln zlotys.'
Gross profit at Bank BPH after the third quarter stood at 1.650 mln zlotys.

Source: By Piotr Skolimowski,
money.cnn.com