Under its agreement with the Polish banking supervisor UniCredit is to consolidate its Polish holdings directly under the parent company. To do this it has to effect the acquisition of the 71.03% shareholding in Bank BPH held by its subsidiary Bank Austria Creditanstalt (BA-CA).
This it proposes to do by paying BA-CA three annual instalments equivalent to 71.03% of Bank BPH’s earnings (as a percentage of the merged Bank Pekao/BPH earnings) currently estimated to be worth €700m ($900m) followed by a payment of €3.6bn at the end of 2009.
