The end is in sight for the acrimonious dispute between the Polish government and the Italian bank Unicredito after the latter agreed to sell 200 branches from its newly-acquired local subsidiary BPH.
The dispute emerged after the Polish government claimed Unicredito was breaking an agreement not to acquire any more banks, signed when it bought Pekao, another leading Polish bank, in 1999.
BPH’s parent hitherto has been Germany’s HVB, but the latter is in the process of being bought by Unicredito in Europe’s largest cross-border banking merger to date.
Unicredito will also have to sell the BPH brand in Poland. Media speculation has linked the Dutch group Rabobank with a purchase of the divested assets.